Adani Enterprises Q2 net profit falls 55% despite 75% increase in revenue

Mumbai: Adani Enterprises ' consolidated net profit fell 55% year-on-year to ₹1,492 crore in the September quarter, despite a 75% increase in revenue from operations, as total expenses rose 71% to ₹36,021 crore.

Revenue from operations increased to ₹37,216 crore from ₹21,248 crore a year earlier. Profit in the year-ago quarter was boosted by an exceptional gain of ₹3,583 crore. Profit before exceptional items and tax rose to ₹2,002 crore from ₹814 crore.

For the first half of FY27, profit attributable to owners fell 92% to ₹332 crore, while revenue rose 62% to ₹71,569 crore. The half-year profit included an exceptional loss of ₹2,644 crore in the June quarter, compared with an exceptional gain of ₹3,583 crore in the corresponding period last year.

The ramp-up of its copper business was a key contributor to the increase in revenue. Copper sales volume rose to 80.6 kilotonnes in the September quarter from 11.8 kilotonnes a year earlier. For the first half, sales increased 5.2 times to 145.3 kilotonnes. The company cited higher by-product prices, particularly sulphuric acid, alongside the ramp-up in utilisation.

The airport business reported a 20% increase in income to ₹3,786 crore, although passenger traffic fell 6% to 21.2 million. The company said non-aeronautical revenue rose 57% in the quarter. In contrast, Adani New Industries' income increased 15% to ₹3,669 crore, but its operating earnings declined 7%. Solar module sales rose 35% to 1,478 MW. Integrated resource management volumes fell 34% to 7.4 million tonnes.

In the post earnings call, Management said the group was moving from a "build-out phase to value-realisation phase".

Adani Enterprises plans annual capital expenditure of ₹35,000 crore to ₹40,000 crore over the next couple of years, primarily across airports, data centres and the PVC project at Mundra.

Its data-centre business, AdaniConnex, secured a new 240 MW hyperscale order in Navi Mumbai, taking cumulative tied-up capacity above 1.2 GW. The company has also expanded its solar module manufacturing capacity to 10 GW.

Adani Enterprises shares closed at ₹2,459.80 on Wednesday, down 1.21%.