Adani Group’s energy and gas sectors show massive hike in revenue & profit


Adani Power's continuing revenue surged to Rs. 12,155 Crore, reflecting a substantial 61 per cent increase year-on-year (ANI Photo)

The company has made significant progress in its strong incubation pipeline during the first half of the fiscal year 2023-24

Our Bureau
Mumbai/New Delhi  

Adani Group flagship firm Adani Enterprises on Thursday reported that its earnings before interest, taxes, depreciation, and amortization (EBIDTA) increased by 43 per cent to Rs. 5,874 crores during the April-September quarter of 2023-24. The Adani Group company’s cash accruals increased by 48 per cent to Rs 2,733 crore during the first half of the current fiscal.

Adani Enterprises, part of the Adani Group, announced its results for the quarter and half-year ended September 30, 2023. The company has made significant progress in its strong incubation pipeline during the first half of the fiscal year 2023-24.

The company’s latest results showcased the emergence of key incubating businesses, including green hydrogen integrated manufacturing ecosystems, airports and roads, which collectively contributed 48 per cent of the overall EBITDA.

“We are fundamentally reshaping the essence of incubation scale and velocity,” said Gautam Adani, Chairman of the Adani Group, as per a company media release.

“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,” Gautam Adani added.

Also, Adani Power Ltd. reported strong financial results for the second quarter ending September 30. Adani Power’s continuing revenue surged to Rs. 12,155 Crore, reflecting a substantial 61 per cent increase year-on-year. Adani Power achieved a consolidated power sale volume of 18.1 Billion Units (BU) in Q2 FY24, a remarkable 65 per cent increase from the 11 BU recorded in Q2 FY23. This growth was driven by improved power demand and higher operating capacity.

The impressive financial performance can be attributed to improved sales volumes, lower fuel costs, and the inclusion of the Godda power plant, which made a significant contribution. Adani Power recognized deferred tax assets, contributing to the substantial growth in consolidated Profit After Tax.

Commenting on the results, S B Khyalia, CEO of Adani Power Limited, emphasized the company’s position as India’s most reliable and competitive power generator.

Khyalia said, “Adani Power has now cemented its position as India’s most reliable and competitive power generator with stable cash flows and high creditworthiness flowing from a secure revenue stream and a strategically located and reliable fleet with lowest emissions per unit of generation. The Company’s proven capabilities are being supplemented with the deployment of digitalization, analytics, and cutting-edge technologies to provide stable, reliable, and affordable power supply in a sustainable manner. As opportunities in the Indian power market grow, we stand geared to enhance our contribution as the leading private power producer and to meet the nation’s growing energy needs.”

Earlier, Adani Total Gas on Tuesday reported that its profit after tax during the second quarter of the 2023-24 fiscal year rose 20 per cent to Rs 168 crore. In the same quarter last fiscal, the net profit was Rs 139 crore in standalone profit after tax. Similarly, in the first two quarters combined (April-September), the net profits increased 14 per cent to Rs 315 crore against Rs 277 crore.

Coming to the revenue from operations of the Adani Group company, they however declined marginally, 1 per cent during the second quarter to Rs 1,178 crore, and rose marginally, 1 per cent, to Rs 2,313 crore in the two quarters combined.

It said CNG stations increased to 483, PNG consumers increased to 7.64 lakh, CNG volume was up 20 per cent in Q2 and 19 per cent in H1 year on year.

“ATGL has shown continuance of all-round strong performance in our core CGD business. The volumes have increased by 9 per cent during the first half year of this financial year resulting in an increase of EBITDA by 17 per cent to Rs 545 crore. The company is continuing its focus on building PNG and CNG infrastructure across all its geographical areas to extend easy access to PNG and CNG gives a boost to the adaptation of natural gas as a fuel of their choice by the large numbers of PNG and CNG consumers.” said Suresh P Manglani, ED & CEO of Adani Total Gas.

“ATGL has also made significant progress in e-mobility and biomass businesses. In e-mobility business, charging points have now increased to 221 charging points across 64 locations and we soon intend to reach to 3000 charging points. In the biomass business, we have won 500 Tons Per Day (TPD) Municipal Solid Waste (MSW) based biogas project in Ahmedabad in this quarter and we continue to explore many such opportunities across India.

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