Adani Enterprises Q1 results: Net profit rises 116% to Rs 1,455 cr

Consolidated net profit rose to Rs 1,455 crore for quarter ended June 30, from Rs 674 crore a year ago, the company, which is the flagship firm of the Adani Group, said in an exchange filing

India's Adani Enterprises' first-quarter profit more than doubled on Thursday as growth in its new energy division outweighed weakness in its key coal trading segment.
 

Consolidated net profit rose to Rs 1,455 crore (around $174 million) for the quarter ended June 30, from Rs 674 crore a year ago, the company, which is the flagship firm of the Adani Group, said in an exchange filing.
 

The new energy segment, which comprises of solar manufacturing and wind turbine businesses, posted a 3.6 per cent increase in earnings before interest, taxes, depreciation and amortization (Ebitda) to Rs 1,642 crore.
 

The segment contributes 38 per cent of the company's total Ebitda, which jumped 48 per cent to Rs 4,300.
 

The conglomerate has been expanding its new energy business, through more investments in renewable energy. The division comprises 15 per cent of net revenue and its quarterly performance was supported by a jump in volumes and prices of solar modules.
 

Overall, revenue from operations rose 12.4 per cent to Rs 25,472 crore.
 

Meanwhile, the company's mainstay coal trading business revenue fell 28 per cent to Rs 10,794 crore on lower coal prices.

In May, Adani Enterprises bounced back to levels last seen in January 2023, when a report by US short-seller Hindenburg Research triggered a sell-off in billionaire Gautam Adani's ports-to-power conglomerate. The Adani Group has denied the allegations.
 

Additionally, Adani Enterprises approved the demerger of its food business to Adani Wilmar.