Adani Enterprises Ltd announces Q3 and 9M FY24 Results

Consolidated EBIDTA for 9M FY24 increased by 58% to Rs. 9,592 cr
Core infra incubating businesses EBIDTA increased by 105% to Rs.
4,339 cr, and now contributes 45% of Total EBIDTA


 

Editor’s Synopsis

 

Consolidated highlights 9M FY24 (YoY)

  • EBIDTA increased by 58% to Rs. 9,592 cr
  • Cash Accruals2 increased by 78% to Rs. 5,414 cr
  • Incubating assets backed businesses PBT increased by 48x to Rs. 1,875 cr
  • ANIL Ecosystem EBIDTA increased by 4x to Rs. 1,655 cr and Airports EBIDTA grew by 27% to Rs. 1,774 cr

 

Consolidated highlights Q3 FY24 (YoY)

  • EBIDTA increased by 89% to Rs. 3,717 cr
  • Cash Accruals2 increased by 123% to Rs. 2,680 cr
  • Wind manufacturing division began production of wind turbine generator (WTG) and during the quarter it produced 15 and supplied 7 sets
  • ANIL Ecosystem has received letter of award from Solar Energy Corporation of India (SECI) for setting up annual electrolysers manufacturing capacity of 198.5 MW
  • Ahmedabad & Thiruvananthapuram International Airport received Environmental Excellence Awards 2023

 

Ahmedabad, February 1, 2024: Adani Enterprises Ltd (AEL), part of the Adani Group, today announced its results for the quarter and nine months ended December 31, 2023

 

The emerging core infra businesses under the incubation pipeline of AEL have shown strong operational performance and consistently reflected significant contribution to the growth journey during the last 9 months of this fiscal year. The company's incubating businesses, comprising green hydrogen ecosystem, airports and roads contribute 45% of the overall EBITDA.

 

“Adani Enterprises has had a robust third quarter, with two of our major incubating businesses picking up momentum,” said Mr. Gautam Adani, Chairman of the Adani Group. “Our ongoing commitment to enhancing customer satisfaction and redefining the overall consumer experience at our airports remains steadfast. We are also pleased with the pace of our advance in establishing a fully integrated manufacturing chain for green hydrogen production. This fully integrated approach will provide us a tremendous advantage in end-to-end planning, granting us superior control over the final product and its cost. The scale of opportunities these businesses present is not only unprecedented but also allows us to strongly position ourselves as a leading source of clean, sustainable and affordable alternative energy.”

 

 

Consolidated Financial Highlights (YoY)

(Rs. in crore)

Particulars

Q3 FY23

Q3 FY24

YoY Change

9M FY23

9M FY24

YoY Change

Total Income

26,951

28,827

7%

1,06,459

77,702

(27%)

EBIDTA

1,968

3,717

89%

6,068

9,592

58%

Profit Before Tax

780

2,361

2x

2,082

4,318

107%

Profit After Tax1

820

1,888

130%

1,750

2,790

59%

Cash Accruals2

1,204

2,680

123%

3,050

5,414

78%

 

Note: 1. PAT attributable to owners 2. Cash Accruals is equal to Profit Before Tax + Depreciation – Current Taxes ;

 

Operational Highlights

 

Business

Units of Measure (UoM)

Q3 FY23

Q3 FY24

YoY Change

9M FY23

9M FY24

YoY Change

ANIL Ecosystem

Module Sales (MW)

426

638

50%

960

1,882

96%

AAHL - Airports

Pax movements (million)

20.3

23.0

13%

53.4

65.7

23%

ATMs (‘000)

142.0

160.2

13%

394.9

450.0

14%

Cargo (Lacs MT)

1.8

2.5

35%

6.0

6.8

13%

ARTL - Roads

Road Construction (Lane-KMs)

37.0

137.9

273%

246.4

230.2

(6%)

Mining Services

Production (MMT)

6.2

7.7

24%

19.6

21.1

8%

Dispatch (MMT)

5.6

7.6

36%

17.6

20.2

15%

IRM

Volume (MMT)

15.8

20.8

32%

67.7

57.4

(15%)

 

Business Updates:

Adani New Industries Ecosystem

Solar manufacturing

  • Operational module line capacity at 4.0 GW
  • Wafer production from pilot plant continues, and commissioning of 2 GW plant is progressing as per schedule

Wind Turbine manufacturing

  • Order Book - 142 sets
  • Produced 15 WTG sets & supplied 07 sets
  • Measurement & load evaluation in progress as per schedule for Prototype 2 using own manufactured blades
  • Blade, Nacelle & Hub Facility – Production ramp up in line with delivery schedule

Electrolysers manufacturing

  • Letter of Award for set-up of annual manufacturing capacity of 198.5 MW
  • Civil foundation and flooring works completed for the Testing & Laboratory set up

AdaniConnex Pvt Ltd (ACX - Data Center)

Noida Data Center

  • Construction Completion ~74% of 50MW core & shell + 10 MW MEP (Mechanical, Electrical & Plumping works)

Hyderabad Data Center

  • Construction Completion ~85% for Phase I - 9.6 MW

Total Order Book

  • 112+ MW from Hyperscale & Enterprise customers

 

Adani Airports Holdings Ltd (AAHL - Airports)

  • Added 19 new routes, 9 new airlines and 5 new flights
  • Navi Mumbai project progress on schedule
  • Environmental Excellence Award 2023 received by
    • Ahmedabad International Airport for strong commitment to sustainability & outstanding practices in waste recycling, water management, energy efficiency and reduction in gas emissions
    • Thiruvananthapuram International Airport for achievement in emission reduction initiatives