Team News Riveting
New Delhi, August 3
Acquisition of Mumbai airport, major surge in mining activities powered the Gautam Adani-led Adani Enterprises Ltd (AEL) to register 8-time rise in consolidated net profit to Rs 271 crore for the April-June quarter (Q1) of the financial year 2021-22 (FY22).
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 consolidated income increased 131 per cent to Rs 12,731 crore due to a significant increase in solar manufacturing, mining services business and IRM segment volumes.
In mining, the production volume at Parsa Kente mine in Chhattisgarh increased 55 per cent to 3.1 MMT while Volume at GP III mine, Chhattisgarh doubled to 0.4 MMT.
Adani Enterprises completed the acquisition of Mumbai International Airports during the Q1. In the road’s business, the company inked concession agreements for 10 projects, signed with NHAI for construction or operation of roads aggregating to over 450 km. The consolidated EBIDTA increased 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. AEL’s existing businesses are stronger than it had ever been and this year they have successfully anchored themselves in several new businesses critical to a strong Atmanirbhar Bharat, he added.
It included airport ecosystems, data centres, and advanced road and water infrastructure. “I see an exciting journey ahead given every one of these sectors possesses multiple adjacencies to our existing businesses. Our results demonstrate that this purposeful model is working for us and we will continue to strengthen on all fronts to deliver greater shareholder value,” Adani said, adding that the results demonstrate the purposeful model is working for them and they will continue to strengthen on all fronts to deliver greater shareholder value.
In solar manufacturing, the company’s volume increased 247 per cent to 271 MW. Adani Wilmar, the company’s food business, recorded a revenue 50 per cent rise in revenue to Rs 11,369 crore. Adani Wilmar’s EBIDTA for the quarter stood at Rs 435 crore.
