Adani Enterprises profit soars 344%

Adani Enterprises, the Adani Group flagship company, on Thursday stated its standalone net profit for the quarter ended June rose a whopping 344 per cent to Rs 421.6 crore, against Rs 94.9 crore in the corresponding period last year.

In a statement filed with the BSE on Thursday, the company stated its total standalone income rose to Rs 2,938.2 crore, against Rs 1187.8 crore in the year-ago period. On a consolidated basis, the company posted a net profit of Rs 403 crore, down 30 per cent from Rs 570 crore in the corresponding period last year.

Adani Enterprises’ consolidated income rose 15 per cent to Rs 11,036 crore in the quarter, compared with Rs 9,596 crore in year-ago period, while consolidated earnings before interest, tax, depreciation and amortisation rose from Rs 1,222 crore to Rs 1,267 crore, driven by higher contribution from the ports business.

The company stated the consolidated performance was hit by its power business.

“The quarterly performance is adversely affected by power sectoral issues beyond our control. We are working with the authorities concerned to arrive at a solution and are confident our power business would generate the envisaged returns soon, creating value for stakeholders,” stated Gautam Adani, chairman of Adani Group.