Adani Enterprises profit falls 51% YoY in Q2FY24 to Rs 228 cr
Mumbai: Gautam Adani-led Adani Group’s flagship company Adani Enterprises Ltd on Thursday reported a 50.57% year-on-year (YoY) decline in consolidated net profit at Rs 227.80 crore for the quarter ended September 2023.
The company had posted Rs 460.94 crore profit in Q2 of 2022-23.
During the July-September quarter of the current fiscal, Adani Enterprises reported a 41% year-on-year fall in consolidated revenue from operations to Rs 22,517.3 crore as against Rs 38,175.23 crore in the same period a year ago.
The company's consolidated EBITDA increased by 39% to Rs 2,979 crore in Q2 of FY24 on account of strong incubating businesses. During this period, cash accruals increased by 26% to Rs 1,242 crore.
In an official release, Adani Enterprises said that the company has made significant progress in its strong incubation pipeline during the first half of the fiscal year 2023-24. It further said that its latest results showcase the emergence of key incubating businesses, including green hydrogen-integrated manufacturing ecosystems, airports and roads.
“We are fundamentally reshaping the essence of incubation scale and velocity,” said Gautam Adani, Chairman of the Adani Group.
He further said, “Adani Enterprises covers sectors that span energy, utility, transport, D2C, and primary industries. With many ventures now market-ready and thriving, our H1 FY23-24 results have been boosted by the core infra-incubating businesses, thereby being a strong testament to our incubating ventures.
(With UNI inputs)
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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