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Adani Enterprises’ consolidated profit slips 10% to Rs 343 crore in December quarter

Company’s total expenses increased to Rs 11,303.97 crore during the quarter under review from Rs 10,635.16 crore in the same period previous fiscal.

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Adani Enterprises’ consolidated profit in the third quarter of FY2020-21 plunged 10.39 per cent to Rs 343.17 crore as compared to Rs 382.98 crore in the same period previous fiscal.

The Gautam Adani-led company’s consolidated total income for the latest quarter stood at Rs 11,787.82 crore from Rs 11,075.32 crore in the year-ago period, the firm said on Wednesday.

Company’s total expenses increased to Rs 11,303.97 crore during the quarter under review from Rs 10,635.16 crore in the same period previous fiscal.

“Consolidated Total Income for the quarter increased by 6 per cent at Rs 11,788 crore owing to increased sales in Solar Manufacturing business. The EBIDTA for the quarter increased by 6 per cent to Rs 939 crore owing to increased sales in Domestic Content Requirement segment in Solar Manufacturing business, leading to better margin,” the company said in a statement.

The profit after tax (PAT) attributable to owners for Q3 FY21 was Rs 297 crore as against Rs 426 crore a year ago, owing to exceptional write off of exploration block on termination by the Ministry of Petroleum and Natural Gas.

“Adani Enterprises continued its journey towards laying the foundation for several new businesses that the Group is venturing into. These include Airports, Data Centers, Roads, and Water. The fact that Adani Enterprises was able to grow its Revenue and EBIDTA through a year of crisis is a reflection of the resilience of India’s economy as well as our confidence and commitment to continue to invest to build our nation’s infrastructure,” Gautam Adani, Chairman Adani Group, said.

Adani Enterprises is the flagship company of Adani Group, one of India’s largest business organisations. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses, contributing to nation-building and divesting them into separate listed entities.