Adani Ent's quarterly profit doubles on airports business

Consolidated net profit of AEL, at ₹2,421 cr in FY23, missed analysts' estimate of ₹4,201 cr. Adani Enterprises Ltd (AEL), the flagship of the Adani Group, said quarterly net profit more than doubled to ₹780

Consolidated net profit for the full fiscal more than trebled to ₹2,421 crore from ₹787.7 crore in the previous fiscal, but still missed analysts’ estimates of ₹4201 crore by a wide margin.

“The past year’s results represent indisputable evidence of the strength and resilience of the Adani Group’s operational and financial performance," Gautam Adani, chairman of Adani Group, said in a release.

“Our mega-scale infrastructure project execution capabilities and our O&M management skills, which are comparable to the best in the world, are strengths that we continue to derive from the Adani portfolio’s diversity to create reliable long-term value for all our investors," Adani said.

Adani group’s listed flagship’s total income almost doubled to ₹1.38 trillion during FY23 from ₹ 70,432.69 crore in FY22. Bloomberg estimates had forecast total annual revenues for the year at ₹1.49 trillion.

However, the company’s total expenses also doubled at ₹1.34 trillion in FY23 compared with ₹69,480.64 crore during FY22.

For the March quarter, AEL’s total income increased by 26% to ₹31,716 crore on a year-on-year basis on the back of the group’s performance in the airports business.