Adani Enterprises Ltd, the flagship company of the Adani Group, today reported a 44.41 per cent rise in consolidated net profit at Rs 676.93 crore for the first quarter ended September 30, 2019. The company said in a regulatory filing on Thursday that its profit has increased due to the reduction in expenses. The company had posted a net profit of Rs 468.74 crore in the year-ago period. Total income, however, declined to Rs 25,809.94 crore during the quarter under review as against Rs 41,066.43 crore in the year-ago period. Along with this, Adani Enterprises also recorded a big decline in expenses. Its effect can be seen on the company’s stock tomorrow. Hopefully, the stock can rise.
What is the report?
The company’s expenses declined to Rs 24,731.42 crore in the last quarter from Rs 40,433.96 crore in the year-ago period. Separately, Adani Group Chairman Gautam Adani said in a statement that the results reflect the group’s strong operational and financial achievements. “This outcome not only highlights our history of creating and promoting new and important infrastructure businesses, but also emphasises the future value and growth prospects of diverse businesses,” Adani said. He also mentioned that new businesses like Adani Airports, Adani New Industries, Data Centre and Adani Roads played a key role in the protest.
He also mentioned the completion of major projects like Kutch Copper and Navi Mumbai Airport and certification of the first coastal windmill of 5 MW capacity. The company said that 74 per cent of the second phase of the Chennai data center project, 51 per cent of the Noida data center and 46 percent of the Hyderabad data center have been completed. During this period, Adani Airports managed 2.13 crore air passengers.
