Adani Group flagship Adani Enterprises’ consolidated net profit in the December quarter more than doubled, helped by growth in all its segments as well as other income. 

It reported a net profit of ₹1,888.45 crore, up 130 per cent on year and revenue rose 6.5 per cent to ₹28,336.4 crore. 

During the quarter, EBITDA increased 89 per cent to ₹3,717 crore, while in the first nine months of FY24 the EBITDA was at ₹9,592 crore, up 58 per cent on year. “The company’s incubating businesses, comprising green hydrogen ecosystem, airports and roads contribute 45 per cent of the overall EBITDA,” it said. 

The integrated resources management segment, which supplies coal and minerals globally, saw a decent uptick in revenue as well as profitability. 

Airports biz thrives

Among its incubating businesses are airports that saw revenue rise 26 per cent on year to ₹2,179.4 crore in Q3 and PBIT increased over 11 times to ₹353 crore. The airports business is one that has been keenly watched as this is expected to be the next on line to be monetised through a public issue. It operates seven airports, while the one in Navi Mumbai is expected to operationalise next year. 

In the first nine months of FY24, revenue from airports rose 35 per cent to ₹5,748.7 crore, while EBITDA rose 27 per cent to ₹1,774 crore. 

Its airports handled 23 million passengers in Q3, up 13 per cent on year, while cargo handled rose 35 per cent to 2.5 lakh tonnes. Air traffic movements also went up 13 per cent. The airports added nine new airlines, five new flights and 19 new routes. 

The green hydrogen business also saw a 124 per cent increase in total income to ₹5,966 crore and EBITDA was 4 times higher. 

Under Adani New Industries Ltd, it is setting up solar modules, wafer manufacturing plant and wind manufacturing facilities. It recently won the order to set up an electrolyser manufacturing facility with a capacity of 198.5 MW. 

Its refined copper cathode facility, with an annual capacity of 500 kilo tonnes, recently achieved financial closure for ₹6,071 crore from an SBI-led consortium. 

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