Adani Group’s airport division has emerged as its third-largest revenue source. In Q2 FY24, it recorded impressive revenues of ₹1,905.47 crore, marking a significant increase from ₹1,292.26 crore in the same period last fiscal. Furthermore, Adani Airports Holdings generated a combined profit of ₹200 crore, cementing its position as the third-largest profit generator, tied with the roads business.
The airport segment’s assets rose from ₹33,724.09 crore in Q2FY23 to ₹40,030.00 crore in Q2 FY4. Its liabilities went up by 24 per cent from ₹8,614.35 crore for the quarter ended on September 30, 2023, to ₹11,353.01 crore for the corresponding quarter this fiscal.
It is worth noting that the airport segment also had the highest debt amongst all its other businesses. Its total debt as of September 30, 2023 stood at ₹16,752 crore which rose from ₹15,337 crore in the previous quarter. Adani Enterprises’ total debt stood at ₹42,102 crore against ₹38,320 crore in the previous quarter.
The airport arm has seven airports including Mumbai, Navi Mumbai (under construction), Ahmedabad, Thiruvanvanthapuram, Jaipur, Lucknow, Guwahati and Mangaluru. Giving an update on the completion of the Navi Mumbai airport, the company said that the progress is 39 per cent. The company plans to inaugurate the airport by 2024.
Currently, the seven operational airports serve 23 per cent of total passenger base.
Overall the passenger movement went up by 29 per cent to 42.7 million from the seven airports. Mumbai airport carried the most number of passengers (25 million) followed by Ahmedabad.
In contrast, GMR Airports, which manages airports in Delhi, Hyderabad, and Goa, saw its consolidated net loss decrease to ₹190 crore in the July-September quarter of the current fiscal year. This marks a notable improvement compared to the net loss of ₹197 crore reported in the quarter ended September 30, 2022, representing a seven percent reduction.
The company’s total income witnessed a substantial 25 percent year-on-year increase, reaching ₹1,607 crore in Q2FY24, mainly driven by robust growth in passenger traffic. The total passenger traffic for the quarter surged by 25 per cent year-on-year, reaching 26.5 million passengers.
Though Delhi’s passenger traffic experienced an impressive 18 percent year-on-year growth, Hyderabad saw an even more substantial increase of 24 percent during the quarter.