Adani quarterly profits grow by 42 per cent

Adani quarterly profit grow by 42 per cent YoY

The Adani Group has released its June 2023 portfolio, which conveys a strong performance with all-time high quarterly profit (EBITDA) of INR 23,532 crore ($2.8 billion), 42 per cent higher year-on-year (YoY).

The core infrastructure and utility platform accounted for 86 per cent of the total portfolio EBITDA and stood at INR 20,233 crore ($2.4 billion), according to Adani.

The cash balance at the end of June 2023 was INR 42,115 crore ($5 billion), 4.2 per cent higher than a quarter ago.

READ: Adani Ports breaks cargo volume monthly record

Airports, renewable hydrogen, and other firms in the flagship incubator saw earnings nearly treble YoY. These firms generated 7 per cent of the portfolio’s EBITDA, with INR 1,718 crore ($207.8 million).

The strong portfolio performance was principally driven by Adani Green’s renewable power business, Adani Enterprises’ infrastructure operations, and Adani Cement’s cement businesses.

Adani Green reported an EBITDA of INR 2,200 crore ($266 million), a 67 per cent increase YoY. This was reportedly due to a 43 per cent increase in operating capacity to 8,316 megawatts (MW).

READ: Adani Ports revenues soar 20 per cent in FY 2023

EBITDA per tonne increased to INR 1,253 ($151.5 million) from INR 888 ($107.4 million) in June 2022 quarter and INR 1,079 ($130.5 million) in March 2023 quarter.

As a result, EBITDA of the cement business grew 54 per cent YoY to INR 1,935 crore ($234 million).

This month, Adani Ports and Special Economic Zone Ltd (APSEZ) reported an 82.6 per cent increase in its first-quarter profits.

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