Adani Power stood as the second leading performer, reporting an 848% improvement in its consolidated net profit, achieving ₹6,594 crore as against a net profit of ₹695.33 crore in the corresponding period last year, due to improved EBITDA, higher one-off income, and recognition of deferred tax asset.
Also read: US-Adani deal for Sri Lanka port makes race with China
Its consolidated income from operations increased by 61% YoY to ₹12,155 crore from ₹7,534 crore in Q2FY23. The company earned a tax credit ₹1,371 crore during the quarter under review as against tax expense of ₹139 crore, YoY.
During Q2 FY24, the company and its subsidiaries achieved an average Plant Load Factor (“PLF”) of 58.3% and a power sales volume of 18.1 billion units (“BU”), compared to a PLF of 39.2% and a power sales volume of 11. BU in Q2 FY 2022-23.
Adani Green Energy, the renewable energy arm of the Adani Group, takes third place in the group’s performance chart. It reported a YoY rise of 149% in its consolidated net profit at ₹372 crore in Q2 FY24. The company’s income rose to ₹2,220 crore from ₹1,584 crore in the year-ago quarter.
Also read: Diwali 2023: What is ‘samvat’ and why is it important for stock market investors?
The company’s energy sales rose a significant 87% YoY, supported by strong capacity additions and improved CUF across solar, wind and hybrid portfolios, according to the company’s earnings report.
| Company Name | Q2FY24 Net Profit ( ₹in Cr) | YoY increase (%) |
| Ambuja Cement | 987 | 1835% |
| Adani Power | 6,594 | 848% |
| Adani Green Energy | 371 | 149% |
| Adani Energy Solutions | 284 | 47% |
| Adani Total Gas | 173 | 8% |
| Adani Ports and SEZ | 1,747 | 4.2% |
| ACC | 388 | – |
| Adani Enterprises | (228) | – |
| Adani Wilmar | (131) | – |
| NDTV | (6) | – |
Adani Energy Solutions, formerly known as Adani Transmission, is a multi-dimensional organization with a presence in various aspects of the energy field, namely power transmission, distribution, smart metering and cooling solutions. It reported a 47% YoY improvement in its consolidated net profit at ₹284 crore, while revenue from operations improved by 12.8% YoY to ₹3,421 crore.
Also read: IRFC, IndiGo, BoB among 9 stocks that crossed ₹1 lakh crore in my cap since last Diwali
During the quarter, the company received LOA for four smart metering projects in Maharashtra, AP, and Bihar, amounting to 14.76 million smart meters with a contract value of ₹174 billion, the company said in its earnings report.
Adani Total Gas, the country’s largest municipal gas distribution company, posted an 8% growth in its consolidated net profit at ₹173 crores. However, the income from operations fell slightly by 1.79% YoY to ₹1,096 crore in Q2 FY24.
Also read: Diwali 2023 Stock Picks: Bharti Airtel, Coal India among Stoxbox’s top 5 buys
Adani Ports and Special Economic Zone (APSEZ) reported a 4.2% rise in its Q2 FY24 consolidated net profit at ₹1,747.8 crore, compared to ₹1,677.5 crore in the corresponding period of last year.
The major port’s revenue from operations in the quarter ending September 2023 was ₹6,646.6 crore, registering a growth of 27.6% as compared to ₹5,210.8 crore in the year-ago period.
Also read: Adani Ports shares gain as analysts maintain bullish stance after Q2 results
On the other hand, ACC, one of the leading producers of cement concrete and premixes in India, reported a consolidated net profit of ₹388 crores. In the same period last year, the company posted a net loss ₹87 crores.
However, as seen sequentially, the net profit fell by 16.80%. His income came in at ₹4,435 crore, an increase of 11.22% over Q2FY23 revenue of ₹3,987.34 crore.
On the flip side, Adani Enterprises, Adani Group’s flagship company, posted a 51% fall in its consolidated net profit to ₹228 crore in Q2. In the same period last year, the company posted a net profit of ₹460 crores.
Adani Wilmar reported a net loss of ₹131 crore in Q2FY24 as against a net profit of ₹49 crore in the same quarter of the previous year. In addition, NDTV posted a net profit of ₹5.9 crore in Q2FY24, a 50% drop over Q2FY23 net profit of ₹12 crores.
Disclaimer: The opinions and recommendations of the individual analysts presented in this article are. These do not reflect the views of the Mint. We encourage investors to check with certified experts before making any investment decision.
Milestone Alert!Livemint tops the charts as the fastest growing news website in the world 🌏 Click here for more information.
Get all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download the Mint News App for Daily Market Updates.
Less
Updated: 10 November 2023, 06:32 PM IST
Denial of responsibility! greenleaselibrary.org 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 – at loginhelponline@gmail.com The content will be deleted within 24 hours.
