Adani Group’s flagship Adani Enterprises Limited (AEL) posted a standalone net profit of ₹441 crore for the quarter ended March 31, 2023, up 94 per cent from ₹227 crore in a year-ago period. Standalone revenues from operations for the quarter stood at ₹12,727 crore (versus ₹8,808 crore last year).
For the fiscal 2022-23, AEL’s standalone net profits more than doubled to ₹1,623 crore (₹721 crore). Standalone revenues for the year were ₹67,325 crore (₹26,824 crore), up 150 per cent. Total expenses increased by 152 per cent to ₹66,307 crore (₹26,214 crore).
After its meeting on Thursday, the AEL board of directors recommended 120 per cent dividend or ₹1.20 per equity share of face value of Re 1 each for 2022-23. The company has fixed July 7, 2023 as record date for the same.
In its regulatory filing, AEL informed that its standalone debt-to-equity ratio stood at 0.21 (versus 0.81 last year) for the quarter. The networth at the end of the quarter under review was ₹13,934 crore (₹5,241 crore). The quarterly earnings per share (EPS) worked out to ₹3.87 (₹2.06).
On a consolidated basis, AEL recorded net profit of ₹781 crore during the quarter under review, up 140 per cent from ₹326 crore in the same quarter last year. Consolidated revenues for the quarter stood at ₹31,346 crore (₹24,866 crore). The sharp jump in profits was primarily driven by the realisations in the mining and roads division, whereas the airports vertical has suffered losses during the quarter.
Roads shine, airports bleed
Revenues from mining grew by 195 per cent to ₹2,688 crore (₹911 crore), while that from the Roads segment jumped by 268 per cent to ₹3,260 crore (₹886 crore). Airports revenues during the quarter grew by 60 per cent to ₹1,697 crore (₹1,165 crore). Mining profits were at ₹469 crore up 311 per cent from ₹114 crore in the corresponding quarter last year.
In profit/loss, the roads division recorded a massive jump to ₹1,430 crore from ₹100 crore in the year-ago period, whereas the airports division recorded a loss of ₹8 crore, as against the profit of ₹75 crore in the corresponding quarter last year.
On annual basis, roads division profits grew 10x to ₹1,688 crore (₹164 crore), while airports segment profits stood at ₹453 crore, against the loss of ₹73 crore last year. Profits from the mining division doubled to ₹943 crore, from ₹427 crore last year.
For the fiscal 2022-23, AEL recorded consolidated operational revenues of ₹1,36,978 crore, almost double from ₹69,420 crore in the previous year.
Consolidated net profit stood at Rs 2,422 crore up 207 per cent from ₹788 crore last year.
FALL IN DEBT
AEL said that as of March 31, 2023 its gross debt had come down by 6.6 per cent or ₹2,704 crore, to ₹38,320 crore. It was ₹41,024 crore in March 2022.
The company filings also revealed that the promoters’ debt has come down by 15.6 per cent or ₹1,987 crore to ₹ 10,544 crore as of March 31, 2023.
Gautam Adani, Chairman, Adani Group. “The past year’s results represent indisputable evidence of the strength and resilience of the Adani Group’s operational and financial performance. These exceptional results also highlight our consistent track record of gestating and building critical infrastructure businesses. Our mega-scale infrastructure project execution capabilities and our O&M management skills, which are comparable to the best in the world, are strengths that we continue to derive from the Adani portfolio’s diversity to create reliable long-term value for all our investors. Our focus remains on governance, compliance, performance, and cashflow generation.”
AEL shares ended in green at ₹1,909.30, up 3.85 per cent on BSE Thursday.