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Monday, November 23, 2020

Adani Enterprises Q2 consolidated profit at Rs 436 crore

Adani Enterprises is the flagship company of Adani Group.

By: PTI | New Delhi | Updated: November 4, 2020 5:51:56 pm
Indian billionaire Gautam Adani poses for a picture after an interview with Reuters at his office in the western Indian city of Ahmedabad April 2, 2014. (Image source: Reuters)

Adani Enterprises on Wednesday reported a consolidated profit of Rs 435.73 crore for the second quarter ended September.

The Gautam Adani-led company had clocked a consolidated loss of Rs 10.06 crore in the corresponding quarter a year ago, according to a filing to the BSE.

Its consolidated total income for the latest quarter rose to Rs 9,312.14 crore from Rs 8,626.94 crore in the year-ago period.

The total expenses increased to Rs 8,788.59 crore in the September quarter compared to Rs 8,571.75 crore in the same period a year ago.

“The EBIDTA for the quarter increased by healthy 76 per cent at Rs 951 crore owing to better volumes in mining services and solar manufacturing businesses,” the company said in a statement.

EBIDTA stands for Earnings Before Interest, Depreciation, Taxes and Amortisation.

The PAT (Profit After Tax) attributable to owners for Q2 FY21 was Rs 362 crore as against Rs 50 crore in the year-ago period. This is in line with the rise in EBIDTA margins, the statement said. The PAT was also impacted by exceptional write off of Rs 130 crore.

“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,” Adani Group Chairman Gautam Adani said.

Further, he said that the 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.

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