New Delhi (TIP)-A dani Enterprises Ltd, the flagship incubator of billionaire Gautam Adani’s conglomerate, on Thursday, May 2, reported a 37 per cent drop in March quarter net profit, bogged down by one-time past airport dues and commercial mining losses.
Its consolidated net profit of Rs 450.58 crore in January-March – the fourth quarter of fiscal year 2023-24 – compares to Rs 722.48 crore net profit in the same period last year and Rs 1,888.45 crore earning in the preceding quarter, according to a stock exchange filing by the company. The firm, which incubates business from airports to data centres, reported an 8 per cent decline in EBITDA (earnings before interest, taxes, depreciation, and amortization) at Rs 3,646 crore in Q4. While incubating businesses like new energy and airports showed strong momentum, the firm suffered a loss of Rs 201.83 crore in commercial mining, while the pre-tax earnings from the road business plummeted 84 per cent to Rs 222.03 crore.
Also, its unit Mumbai International Airport Ltd (MIAL) recognised a one-time exceptional expense of Rs 627 crore to make up for past payments.
Adani New Industries Limited (ANIL), a unit of the company that holds the new energy business — including solar module and wind turbine manufacturing, saw a 6.2x growth in EBITDA to Rs 641 crore, while the same at airports business more than doubled to Rs 662 crore. The number of passengers at company-run airports rose 19 per cent to 88.6 million.