Adani Enterprises on Wednesday reported a net consolidated profit of Rs 435.73 crore in the second quarter of FY21 as against a loss of Rs 10.06 crore in the corresponding period of last year. The turnaround in profit was mainly on account of lower cost of materials and better cost management including interest costs. The profit after tax (PAT) attributable to owners for Q2 FY21 was Rs 362 crore as against Rs 50 crore.
Revenue from operations rose nearly 8 per cent in the September quarter at Rs 9,126.42 crore compared to Rs 8.464.19 crore in Q2FY20.
The consolidated total income for the half year stood at Rs 14,814 crore as against Rs 19,313 crore. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the first half of FY21 was at Rs 1,252 crore compared to Rs 1,437 crore in the same period of last fiscal.
"The spread of COVID-19 pandemic impacted operations and financial results of the Group during the quarter ended 30th June 2020 due to lockdown and restrictions. The operations across various segments have gradually shown recovery from this impact during the quarter ended 30th September 2020," Adani Enterprises said in an exchange filing.
Commenting on the results, Gautam Adani, Chairman Adani Group, said, "The ability to incubate, innovate and scale effectively and rapidly has been a defining philosophy of Adani Enterprises and we continue to learn and further improve this model. The combination of our confidence in this business model, and our faith in India's growth story is demonstrated through the investments we are continuing to make in additional infrastructure sectors that are critical to nation building. Our move into roads and water infrastructure, data center parks, and airports including the addition of the Mumbai International Airport and the Navi Mumbai International Airport provides us with a transformational platform that will help us create several strategic and growth based adjacencies for our other businesses."
Meanwhile, shares of Adani Enterprises were trading at Rs 350.45, up 5.65 points, or 1.64 per cent as against previous close on NSE.