On February 1, 2024, Adani Enterprises Limited (BSE, NSE: ADANIENT) announced its Q3 2023-24 results, announcing Q3 and 9M outcomes with the legacy Company’s EBITDA up by 89% to reach ₹3,717 Cr in the quarter, and the start of its WTG production in the quarter.
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Adani Enterprises Main Q3 Result Takeaways
The integrated flagship business under the auspices of the giant Adani Group of companies, Adani Enterprises Limited engaged in the creation of infrastructure-related businesses has reported Q3 and 9M FY24 financial and performance results with growth at almost all levels of the business. Here are the relevant highlights:
Additional Read: Q3 Results Dashboard
Consolidated Features – 9M FY24 (YoY)
- The Company’s EBITDA rose by 58% to reach ₹9,592 Cr.
- Cash Accruals went up 78% to ₹5,414 Cr.
- The Company’s Incubating assets-backed business’ Profit Before Tax went up by 48x to ₹1,875 Cr.
- The EBITDA of the ANIL (Adani New Industries Limited) Ecosystem grew by 4x, to ₹1,655 Cr, and the Airport EBITDA was up by 27%, to ₹1,774 Cr.
Consolidated Features Q3 FY24 (YoY)
- The EBITDA grew by 89% to reach ₹3,717 Cr.
- Cash Accruals rose by 123% to touch ₹2,680 Cr.
- The Wind manufacturing division of the Company began the production of wind turbine generators (WTG), producing 15 turbines and supplying 7 sets.
- The ANIL Ecosystem has earned an award from the Solar Energy Corporation of India (SECI) for establishing an annual electrolysers’ manufacturing capacity of 198.5 MW.
- The airports at Thiruvananthapuram and Ahmedabad earned the Environmental Excellence Awards for 2023.
Success over Success for AEL’s Business
Adani Enterprises Limited’s (AEL) core and emerging businesses within the Company’s incubation pipeline displayed healthy operational performance and repeatedly made significant growth contributions to the Company’s journey through nine months of FY24. The overall EBITDA contribution of the Company’s results comes from the incubating businesses of the Company, made up of green hydrogen ecosystems, airports, and roads (45% of the overall EBITDA). Here are some key highlights of the success in the businesses of AEL as mentioned in its Q3 result report:
- New Businesses were launched by AEL and these comprise Solar Manufacturing, Wind Turbine Manufacturing, and Electrolysers Manufacturing. Regarding the Solar Manufacturing Business, an operational module with a line capacity of 4.0 GW functions presently, and the water production from the pilot plant continues. Furthermore, the commissioning of a 2 GW plant is on track. Additionally, the Company’s Order Book for the Wind Turbine Manufacturing Business stands at 142 sets, with 7 sets delivered in the quarter.
- AdaniConnex Pvt Ltd (Data Centres) data centres witnessed the major part of completion of construction at Noida (~74% of 50MW core & shell + 10 MW MEP) and Hyderabad ( ~85% for Phase I – 9.6 MW).
- Adani Airports Holdings Ltd experienced the addition of 9 new airlines, 19 new routes, and 5 new flights. Furthermore, the project of the airport at Navi Mumbai (Phase 1) is on track as per schedules.
The Management’s Take on Q3 Results
The Chairman of Adani Enterprises Limited had some key aspects of Q3 results to share and these are highlighted below:
- Adani Enterprises Limited experienced a solid third quarter, with two of the Company’s main incubating businesses gaining momentum.
- The Company has continued its endeavour to enhance customer satisfaction at its airports.
- The Company reported that its pace of establishing an integrated manufacturing supply chain to facilitate the production of green hydrogen is on track.
- The Company continues to work toward its ultimate goal of being a top source of production for clean, affordable, and sustainable generation of energy, and be a leader in manufacturing alternative energy.
Financial Results at a Glance
Here is a glimpse of the financial results of Q3 (figures in ₹ Cr as reported by the Company, except where indicated otherwise):
| Metrics | Q3 FY 2023-24 | Q3 FY 2022-23 | YoY Change % |
| Total Income | 28,827 | 26,951 | 7% |
| EBITDA | 3,717 | 1,968 | 89% |
| Profit Before Tax | 2,361 | 780 | 2x |
| Profit After Tax (PAT) | 1,888 | 820 | 130% |
| Cash Accruals | 2,680 | 1,204 | 123% |
Additional Check: Adani Enterprises Share Price
Q3 FY24 Result Summary
Adani Enterprises Limited (AEL), the core company of the Adani Group of companies is one of India’s most diverse and large business enterprises today. Over many years, the Company has set its sights on building emerging infrastructure businesses, thereby contributing to activities of nation-building, divesting them into separate listed entities. The Company comprises the scalable and sizeable businesses of Adani Ports & SEZ, Adani Power, Adani Energy Solutions, Adani Total Gas, Adani Green Energy, and Adani Wilmar. Over the last 30 years or so, the Company’s shareholders have made substantial gains owing to the success of the conglomerate as a whole.
For AEL, the next phase of its business is focused on the development of green hydrogen, data centres, airport management, roads, and primary industries such as petrochem and copper. With the Company seeing the scope of unlocking value in such businesses, it is prepared to make investments accordingly and has already commenced readiness for copper sites and their execution.
Adani Enterprises Limited has delivered success in most verticals in Q3 and 9M FY24. The Company has posted ups in all the relevant metrics for Q3, namely Net Profit and Revenue growth. The EBITDA has almost doubled compared to that of the previous fiscal year’s same quarter. The Company has attributed its success to its incubating businesses, while its main businesses continue to gain growth traction in the industries they belong to.
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Source: Adani Enterprises Limited Press Release and Investor Presentation on BSE
