Adani Enterprises Q4 profit drops 38% to ₹450 crore

Net profit of Adani Enterprises plunged 38% year-on-year to ₹450 crore for the quarter ended March 31, 2024, compared with ₹772.48 crore in the corresponding quarter last year. The Adani group’s flagship company posted ₹1,888.45-crore profit in the previous quarter.

Revenue of India’s largest private airport operator increased 0.8% to ₹29,180.02 crore during the fourth quarter as against ₹28,943.84 crore in the year-ago quarter.

The company’s operating costs jumped 31% year-on-year to ₹9,324 crore in Q4 FY24 from ₹7,118 crore in Q4 FY23. The cost of materials consumed more than doubled year-on-year to ₹2,824 crore during the fourth quarter from ₹1,324 crore in the year-ago period.

Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at ₹3,646 crore versus ₹3,974 crore in Q4FY23. Airports EBIDTA grew by 130% to ₹662 crore.

For the full financial year 2023-24, Adani Enterprises reported a 32% jump in consolidated EBITDA to ₹13,237 crore while profit before tax (PBT) increased 56% to ₹5,640 crore.

The conglomerate, which operates the Mumbai International Airport, took an exceptional loss of ₹627 crore towards annual fees for Mumbai International Airport Ltd, as an expense for the period of March 2022 to September 2022.

"Adani Enterprises has once again validated its position not only as the premier business incubator in India but also as a global leader in infrastructure development," says Gautam Adani, Chairman of the Adani Group. "AEL’s resilient growth model of incubation confirms the operational and organizational excellence. This is supported by high ratings and fully funded growth. Our commitment to excellence in project management and operations continues to set global benchmarks, ensuring sustainable long-term value creation for our stakeholders. We remain dedicated to corporate governance, meticulous compliance, robust performance and effective capital flow management."

The company's board recommended a dividend of ₹1.30 per equity share for the financial year 2023-24.

The board, on recommendation of the Nomination and Remuneration Committee, approved the re-appointment of Rajesh S. Adani as managing director of the company for a further period of five years from June 10, 2025.

The board has also reappointed Pranav V. Adani as an executive director of the company for a further period of five years from April 1, 2025.

Earlier today, Adani Ports and Special Economic Zone Ltd (APSEZ) reported 77% growth in its net profit for January-March quarter at ₹2,015 crore. The company's revenue saw 19% growth at ₹6,897 crore in Q4 FY24, while EBITDA income grew 23% to ₹4,029 crore. Adani Ports' volume growth was recorded at 108.7 MMT in Q4 FY24, a YoY change of 26% from 86.3 in the year-ago period.