Adani Enterprises Q4 profit surges 138%

Mumbai: Adani Enterprises, the flagship company of the Adani Group, said on Thursday that its fiscal fourth quarter net profit more than doubled from a year earlier, driven by strong performance at its roads business. Sequentially, the profit fell 12% due to higher finance costs and operating expenses.

The company, which acts as an incubator for new businesses for the ports-to-cooking-oil conglomerate, reported a consolidated net profit of ₹722 crore for the January-March quarter, up 138% compared with ₹304 crore a year earlier.

Revenue grew 26% year-on-year and 18% sequentially to ₹31,346 crore.


The roads segment reported a profit before interest and tax of ₹1,430 crore, almost 12 times more than a year earlier and 14-fold higher sequentially.

Net Profit Triples in FY23
"Once again, Adani Enterprises has lived up to its standing as not only India's most successful business incubator but also one of the world's most successful infrastructure foundries," group chairman Gautam Adani said in a news release.

The financial statements were audited by Shah Dhandharia & Co LLP, which incidentally resigned as the auditors of Adani Total Gas on Tuesday, citing increased professional preoccupation with other assignments.

Shares of Adani Enterprises gained 4.68% to close at Rs 1,925 on the NSE Thursday, outperforming a 0.92% gain in the benchmark Nifty50.

Earnings before interest, tax, depreciation and amortisation (Ebitda), or operating profit, for the quarter grew nearly three-fold year-on-year to Rs 3,587 crore. Operating margin improved by over 6 percentage points to 11.4%.

The company's new energy and airport businesses were in the red during the quarter, while mining and resources management continued to remain profitable.

For the fiscal year ended March 31, net profit tripled to Rs 2,473 crore, while revenue doubled to almost Rs 1.37 lakh crore.

Adani Enterprises' gross debt reduced to Rs 38,320 crore as of March 31 from Rs 41,024 crore a year earlier. Of the total debt at the end of FY23, Rs 27,776 crore was external debt, and the rest was founder's debt. This gave the company a debt-to-equity ratio of 0.21, compared with 0.81 a year earlier.

"The past year's results represent indisputable evidence of the strength and resilience of the Adani Group's operational and financial performance. These exceptional results also highlight our consistent track record of gestating and building critical infrastructure businesses," Gautam Adani said.