Gautam Adani-led Adani Enterprises Ltd (AEL), a flagship company of the Adani group, today reported an 8-time rise in consolidated net profit to Rs 271 crore for the April-June quarter.
The company's standalone profit for the quarter stood at Rs 265.6 crore in Q1 FY22 vs a loss of Rs 65.67 crore in Q1 FY21. The total income grew 131 per cent to Rs 12,731 crore due to rise in solar manufacturing, mining services business and IRM segment volumes, AEL said in a stock exchange filing.
The consolidated EBIDTA rose 215 per cent to Rs 948 crore due to an increase in revenue and better margins across all operating segments. "AEL has always been the incubation engine of the Adani Group and our creation of several new businesses continues to accelerate," said Gautam Adani, chairman of the Adani group.
He said AEL's existing businesses are stronger than they have ever been and this year, AEL successfully anchored itself in several new businesses "critical to a strong Atmanirbhar Bharat".
"Our results demonstrate this purposeful model is working for us and we will continue to strengthen on all fronts to deliver greater shareholder value," he added.
Regarding updates during the April-June quarter, Adani Enterprises said it completed the acquisition of Mumbai International Airports. In the road's business, it signed concession agreements for 10 projects.
In solar manufacturing, the company's volume increased 247 per cent to 271 MW. In mining, the production volume at Parsa Kente mine in Chhattisgarh increased 55 per cent to 3.1 MMT.
Adani Wilmar, the company's food business, recorded a 50 per cent rise in revenue to Rs 11,369 crore. Adani Wilmar's EBIDTA for the quarter stood at Rs 435 crore.
The Adani Enterprises Ltd stock closed at Rs 1,443 on NSE today, which is Rs 4.80 or 0.33 up from yesterday's close of Rs 1,438.20.
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