According to the results, the strong performance for the quarter was led by Adani Enterprises’ emerging businesses, including solar and wind manufacturing. File
| Photo Credit: Reuters

Adani Group said that its portfolio of companies reported first quarter adjusted net profit surged 50.1% to ₹10,279 crore over the year ago period.

EBITDA for the quarter ended June 30, 2024 grew 32.9% to ₹22,570 crore year on year (YoY).

“Growth [was] powered by Adani Enterprises’ emerging Businesses — Solar & Wind manufacturing [part of Green Hydrogen Production Chain], Airports & Roads,” the group said in a statement.

It said trailing-twelve-month (TTM) EBITDA at ₹79,180 crore, grew by 44.9 % YoY and Q1 EBITDA for Core infrastructure businesses (utility, transport, and infra businesses under

Adani Enterprises) increased 41.6% YoY, accounting for 86% of total EBITDA.

“Emerging infra businesses [ANIL, airports, and roads] housed under flagship incubator Adani Enterprises Ltd. [AEL] led the overall growth; EBITDA at ₹2,991 crore, up 70%,” it said.

Leverage (Net Debt to EBITDA) at 2.2x-multi-year low (as on March 31st, 2024), it added.

The Adani Group highlighted that its ‘Core Infrastructure’ platform comprises AEL’s (Adani Enterprises) Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), and Transport (Adani Ports & SEZ) businesses.

The Solar module manufacturing business of the group saw module sales rise by 125% YoY in the quarter. Furthermore, the operationalisation of photovoltaic cell lines lowered costs, resulting in higher profitability.

The airport business also continues to see strong growth from rising passenger movement, increasing consumer offerings, and the addition of routes, airlines, and flights across seven operational airports.

Adani Enterprises’ performance indicates that in airports, the annual passenger movement across 7 airports crossed 90 million for the first time. During the quarter, eight new routes, six new airlines, and 13 new flights were added across all seven airports.

Additionally, 25 new brands were introduced at Lucknow airport after the inauguration of Terminal 3. The road business achieved its highest-ever 730 lane-km construction during this quarter.

In the Adani Green Energy segment, construction work for a 500 MW hydro pump storage has commenced, with a 31% YoY capacity addition during the quarter. Another 250 MW wind capacity was operationalized in July at Khavda, bringing the total capacity to 11.2 GW.

Adani Energy Solutions stated that the Khavda-Bhuj Transmission Line (KBTL) is fully commissioned, enabling 3 GW green power evacuation from Khavda. The 1,765 ckm Warora Kurnool Transmission Line (WKTL) was also fully commissioned, strengthening the national grid by ensuring seamless power flow between the western and southern regions.

Adani Ports & SEZ reported that Vizhinjam port, India’s first transhipment port equipped with South Asia’s most advanced container-handling technology, was formally commissioned in July and will become operational in November.

In the Cements segment, the promoters infused ₹15,000 crore in two tranches in Ambuja Cements in March and April, fully subscribing to the warrant programme and infusing a total of ₹20,000 crore since the acquisition in September 2022. The company also acquired Penna Cement, increasing the total capacity to 89 MTPA.

(With additional inputs from ANI)