Adani Enterprises spurts after robust Q2 results

Adani Enterprises gained 3.77% to Rs 358 after the company's net profit surged to Rs 362.37 crore in Q2 September 2020, compared with Rs 49.50 crore in Q2 September 2019.

The net profit in the same quarter last year was impacted by exceptional write off of Rs 129.73 crore.

Revenue from operations stood at Rs 9,126.42 crore in Q2 September 2020, rising nearly 8% from Rs 8,464.19 crore in the same period last year. The result was announced during market hours today, 4 November 2020.

Profit before tax stood at Rs 523.55 crore in Q2 FY21 as against a pre-tax loss of Rs 74.54 crore in the same period last year. Total tax expense was Rs 124.31 crore in Q2 FY21 as against tax rebate of Rs 32.38 crore in Q2 FY20.

The EBIDTA for Q2 FY21 increased by healthy 76% year-on-year at Rs 951 crore, owing to better volumes in mining services and solar manufacturing businesses.

The company's solar manufacturing volumes increased by 50% at 418 MW in Q2 September 2020. Mining services production increased by 17% to 3.5 MMT in Q2 September 2020.

Commenting on performance, Gautam Adani, Chairman of 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."

Adani Enterprises is the flagship company of Adani Group, one of India's largest business conglomerates.

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