Adani Enterprises Shares Close Lower On Disappointing Q2 Earnings, Profit Falls 50%

The share price of Adani group's flagship firm Adani Enterprises closed a tad lower, down 0.14% at Rs 2214.90 per share on Thursday after the company announced disappointed Q2FY24 results. The company's consolidated net profit fell 50.57% to Rs 227.82 crore compared to Rs 460.94 crore in the same quarter last year. The decline in the firm's net profit is attributed to declining coal prices.

During this period, the company's Revenue during the period stood at Rs 22,517.3 crore, down 41% from Rs 38,175.23 crore a year ago.

Adani Enterprises said its EBIDTA increased by 39 percent to Rs 2,979 crore on "account of strong incubating businesses. For its airport management business, Adani Airports manages seven operation airports; Pax movements were up by 31% to 21.4 Mn passengers, Air Traffic Movements were up by 17% to 1,48,200, and Cargo stood at 1.9 Lacs MT.

"We are fundamentally reshaping the essence of incubation scale and velocity," said Mr. Gautam Adani, Chairman of the Adani Group. "Adani Enterprises covers sectors that span energy, utility, transport, D2C, and primary industries. With many ventures now market-ready and thriving, our H1 FY23-24 results have been boosted by the core infra incubating businesses, thereby being a strong testament to our incubating ventures," he added.

Meanwhile, on Thursday, another Adani Group firm Adani Power also reported its second quarter results. In its Q2FY24 results, the firm's net profit grew 848% at Rs 6,594.17 crore compared to Rs 695.33 crore in the year-ago quarter.