NEW DELHI: Impacted by falling prices of coal, Adani Enterprises Ltd (AEL), the Adani group flagship firm, on Thursday reported a 51% drop in its consolidated net profit (attributable to owners) to Rs 227.82 crore compared with Rs 460.94 crore in the corresponding quarter last year.
AEL’s consolidated revenue from operations fell 41% YoY to Rs 22,517.33 crore from Rs 38,175.23 crore in the same quarter last year. “We are fundamentally reshaping the essence of incubation scale and velocity,” said Gautam Adani, Chairman of the Adani Group. “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.” The fall in AEL’s profit is attributed to weakness in its key coal trading division due to a fall in prices. Its coal trading business posted a 59.3% fall in revenue, while EBITDA)dropped 9.2%.
Adani Power profit rises to 848% to `6,594 in Q2
NEW DELHI: Adani Power Limited (APL) net profit surged 848% to `6,594 crore for the quarter ending September 20, 2023. The growth in profit is attributed to a one-time tax credit of `1,371 crore. Revenue rose 84.42% to `12,990.58 crore, compared to the same quarter in the previous year, when it was at `7,043.77 crore. The company said the growth is on account of lower fuel costs, higher merchant tariffs, and the inclusion of the Godda power plant in its operations. ENS