Adani Enterprises Q2 profit falls 51% to ₹228 crore, revenue tanks 41%

The operating margin also expanded by a sharp 589 basis points YoY to 10.8% as against 4.9% in the corresponding quarter of last fiscal.

The healthy growth in EBITDA was on account of strong incubating businesses, the Adani Group company said in a filing.

Adani Enterprises’ cash accruals jumped by 26% YoY to ₹1,242 crore during the quarter under review.

The company's gross debt stood at ₹42,102 crore as of September end, compared to ₹38,320 crore as of March end.

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 showcase the emergence of key incubating businesses, including green hydrogen integrated manufacturing ecosystem, airports and roads, which collectively contributed 48% of the overall EBITDA, it said in a filing.

“We are fundamentally reshaping the essence of incubation scale and velocity,” said Gautam Adani, Chairman of the Adani Group. “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.”

Shares of Adani Enterprises Ltd settled 0.15% lower at ₹2,214 in today's trade. The scrip has gained 20.39% in the last six months.