Adani Enterprises on Tuesday said its net profit rose 30% as a one-time expense last year and a one-time gain this year offset a weaker operating performance.
The ports-to-power conglomerate posted a net profit of Rs 304 crore in the Jan-March period from a net profit of Rs 234 crore, a year earlier.
It incurred a loss of Rs 180 crore in Jan-March FY21 as it derecognised certain claims on delayed payment. In Jan-March FY22 it recognised a gain of Rs 174 crore as an exceptional item.
These together offset a lowering of operating profit to Rs 468 crore from Rs 475 crore.
For the full year FY22, its net profit fell to Rs 777 crore from Rs 923 crore.
Chairman Gautam Adani said the company sees an “exciting journey ahead for our new businesses like networked airport eco-systems, road and water infrastructure and green data centers,”
“Add to this, the focus on new energy businesses and digital consumer platforms, along with our ability to execute, will propel the shareholders’ value,” he added.
During the year, its unit Adani Airports achieved financial closure for the greenfield Navi Mumbai international airport project with its lender State Bank of India for the entire debt of Rs12,770 crore.
Abu Dhabi’s International Holding Company PJSC (IHC) will invest $2 billion as primary capital in three Adani portfolio companies – Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and
(AEL), the Indian conglomerate said in April.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
