Surprising the street, Adani Group’s flagship Adani Enterprises Ltd (AEL) on Monday posted consolidated net loss of Rs 12 crore (attributable to the owners of the company) for the December ended quarter (Q3FY22). The company had reported net profit of Rs 297 crore during the same quarter last fiscal (Q3FY21).
AEL’s consolidated income from operations stood at Rs 18,758 crore for the quarter, as against Rs 11,620 crore in the corresponding quarter a year ago. Total expenses rose to Rs 19,048 crore in Q3FY22 from Rs 11,304 crore in Q3FY21.
On a standalone basis, AEL’s net loss stood at Rs 36 crore as against profit of Rs 117 crore in the corresponding quarter last fiscal. AEL said the results are not comparable with those of previous period due to consolidation of Mumbai Airport.
“The Group has acquired 97.97% stake in GVK Airport Developers Limited, its subsidiaries (including Mumbai International Airport Limited) and joint ventures on 13th July 2021. The Group has also acquired 100% equity stake in Bowen Rail Operations Pte Ltd on 14th July 2021.
Accordingly, these entities have been consolidated as subsidiaries and joint ventures (as applicable) in these consolidated financial results,” said AEL. The Group’s next-generation businesses of AdaniConneX (Data Center segment — JV with EdgeConneX) is on track.