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Adani Airports, the airports arm of Adani Enterprises, has registered a 17 per cent growth in profits after tax for Q1FY4 at ₹38,422 crore, up from ₹32,707 crore for the corresponding quarter last year. The company, which has eight airports under its umbrella, witnessed a 35 per cent rise in revenue from operations in Q1FY24. Adani Airports, the airports arm of Adani Enterprises, has registered a 17 per cent growth in profits after tax for Q1FY4 at ₹38,422 crore, up from ₹32,707 crore for the corresponding quarter last year. The company, which has eight airports under its umbrella, witnessed a 35 per cent rise in revenue from operations in Q1FY24.
Adani Enterprises, which witnessed a 44 per cent rise in PAT for Q1 FY24, has several other businesses including renewable energy, ports and roads. Gautam Adani, Chairman of the Adani Group, said that the company’s growth for this quarter is “a validation of the Adani Group’s robust operational and financial achievements. These outcomes, led by our incubating business of Adani Airports, Adani New Industries, Data Center and Adani Roads, not only underscore our history of creating and nurturing new and vital infrastructure businesses, but also emphasize the future value and growth potential of the diverse Adani portfolio.”
The airport business revenues were ₹1,663.80 crore (1,229.34 crore) during the June quarter.
Its airports witnessed a 26.8 per cent rise in passenger movement to 21.3 million from seven operational airports (Navi Mumbai airport is still under construction) and an 8.6 rise in cargo. Its airports dealt with 14.16 lakh air traffic movement (up 12 per cent year on year).
The company said that through its eight airports, Adani Airports will dominate the Airports space with 300 Million+ consumer base leveraging network effect. Currently, the portfolio of 8 Airports serves 23 per cent of total passenger base.
Mumbai airport contributed to most passenger movements with a rise to 12.5 million passengers from 9.8 million passengers the same time last year. Lucknow airport overtook Guwahati airport in passenger movement. Its passenger movement grew to 1.6 million in compared to Guwahati’s 1.5 million passenger movement compared to a movement of 1.2 million and 1.3 million passengers respectively the same time last year.
The airport segment’s asset’s grew to ₹38,422.01 crore in this quarter compared to ₹32,707.41 crore the same time last year. On the other hand, its liabilities too increased from Airport ₹8,453.24 crore in Q1fy23 to ₹10,680.97 crore in FY24.
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.
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