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Adani Enterprises Q3 Results 2022

24 May 2022

Adani Enterprises posted its third-quarter results for FY22. The company reported a weak profit of Rs 1.8 crore. A fall of 99% YoY from Rs 343 crore in the year-ago period. On a sequential basis too, the reported profit declined 99% down from Rs 194 crore in Q2 FY22. However, as per the management’s statement, these results are not comparable with those of the previous period due to the consolidation of Mumbai Airport. 

Having said that, the massive hit in the company’s net profit is largely due to the rise in stock-in-trade and developing businesses.  The company’s total expenses too shot up by a whopping 68.5% YoY to Rs 19,047 crore from Rs 11,303 crore in the year ago period. Similarly, the finance costs also grew by 118% YoY to Rs 707 crore in the quarter under review from Rs 323 crore in the corresponding quarter in the previous fiscal year.

Despite the dismal bottomline, the company’s revenue from operations jumped around 61% YoY to Rs 18,757 crore. On a QoQ basis, the revenue from operations was up by 42% from Rs 13,218 crore.

Hits of Adani Enterprises Q3 Results 2022

  • Adani Enterpises’ Revenue from operations up by 61% YoY to Rs 18,757 crore from Rs 11,620 crore in the year ago period
  • Total income up by 60% YoY to Rs 18,693 crore from Rs 11,787 crore in the year ago period
  • Other income up 22% to Rs 205 crore from 167 crore in Q3 FY21

Misses

  • PAT down by 99% to Rs 1.80 crore in the quarter under review from Rs 343 crore in the year ago period and Rs 194 crore in the previous quarter
  • Total expenses up by 68.5% YoY to Rs 19,047 crore from Rs 11,303 crore in the year ago period
  • Cost of purchases of stock-in-trade up by 82% YoY to Rs 15,839 crore from Rs 8,702 crore in the year ago period
  • The finance costs also grew by 118% YoY to Rs 707 crore in the quarter under review from Rs 323 crore in the corresponding quarter in the previous fiscal year
  • Basic Earnings Per Share (EPS) down to Rs -0.11 from Rs 2.70 in the year ago period and Rs 1.93 in the previous quarter.

Segment-wise revenue

  • Integrated Resources Management: Revenue up by 70% YoY to Rs 12,735 crore from Rs 7,469 crore in Q3 FY21
  • Mining: Revenue up by 16% YoY to Rs 694 crore from Rs 599 crore in Q2 FY22
  • Solar Manufacturing: Revenue down by 28% to Rs 621 crore from Rs 864 crore in Q3 FY22
  • Airport: Revenue up by 1500% to Rs 837 crore from Rs 50 crore in Q3 FY22
  • Others: Revenue up by 48% to Rs 5,034 crore from Rs 3,396 crore in Q3 FY22

What the Management says

Gautam Adani, Chairman of the Adani Group said, “The focus on new energy businesses which, by itself, will see the intersection of sustainability and digitization. We are well-positioned to capitalize on these trends”

Other things to know about Adani Enterprises 

  • Incorporated “Adani New Industries Ltd” for generation of green hydrogen, related downstream products, manufacture of wind turbines, batteries, electrolyzers etc
  • Signed an MoU with POSCO for establishment of a green, environment friendly integrated Steel mill at Mundra Gujarat with approximate investment of USD 5 Bn
  • Consolidated attributable loss was Rs. 12 Cr on account of takeover of Mumbai Airport Q2 FY22
  • Adani Enterprises is the largest commodities trading company in the country with a market capitalization of Rs 1.94 lakh crore (as of February 14, 2022).
  • The company’s P/E ratio is at 210.31 against the industry average of 68.69 while its P/B ratio is at 10.26 against the industry average of 4.98 (as of February 14, 2022).
  • Adani Enterprises’ dividend yield is at 0.96% against the industry average of 0.67% (as of February 14, 2022).

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Research Analyst: Bavadharini KS

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