Adani Enterprises Q3 consolidated profit declines 10% to Rs 343 crore

Adani Enterprises on Wednesday reported a 10.39 per cent fall in its consolidated profit to Rs 343.17 crore for the third quarter ended December 2020.

The Gautam Adani-led company had clocked a consolidated profit of Rs 382.98 crore in the corresponding quarter a year ago, it said in a regulatory filing.

Its consolidated total income for the latest quarter rose to Rs 11,787.82 crore from Rs 11,075.32 crore in the year-ago period.

The total expenses increased to Rs 11,303.97 crore in the December quarter compared to Rs 10,635.16 crore in the same period previous fiscal.

"Consolidated Total Income for the quarter increased by 6 per cent at Rs 11,788 crore owing to increased sales in Solar Manufacturing business. The EBIDTA for the quarter increased by 6 per cent to Rs 939 crore owing to increased sales in Domestic Content Requirement segment in Solar Manufacturing business, leading to better margin," the company said in a statement.

The profit after tax (PAT) attributable to owners for Q3 FY21 was Rs 297 crore as against Rs 426 crore a year ago, owing to exceptional write off of exploration block on termination by the Ministry of Petroleum and Natural Gas.

"Adani Enterprises continued its journey towards laying the foundation for several new businesses that the Group is venturing into. These include Airports, Data Centers, Roads, and Water.

"The fact that Adani Enterprises was able to grow its Revenue and EBIDTA through a year of crisis is a reflection of the resilience of India's economy as well as our confidence and commitment to continue to invest to build our nation's infrastructure," Gautam Adani, Chairman Adani Group, said.

Adani Enterprises is the flagship company of Adani Group.