Adani Enterprises Ltd (AEL), part of the Adani Group, on Thursday announced its results for the quarter and half year ended September 30, 2023, the company announced through an exchange filing.
AEL, 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.
“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.”
Financial Highlights Q2 FY24 (Consolidated) (YoY Basis)
Adani Power reported a 39% increase in EBIDTA, reaching Rs. 2,979 crore, primarily attributed to the strength of incubating businesses. Additionally, the company saw a 26% rise in cash accruals, reaching Rs. 1,242 crore, underscoring its sound financial position and growth potential.
Quarterly Business Updates (YoY)
Adani New Industries Ecosystem
In solar manufacturing, the operational capacity is now at 4.0 GW, and module sales have soared by 205% to 630 MW, with the noteworthy achievement of producing India's first wafer.
In wind turbine manufacturing, the project obtained the Final Type Certificate for Prototype 1, commenced commercial operations upon enlistment in RLMM, commissioned Prototype 2, and initiated commercial production at the Nacelle & Hub Facility. These developments signify significant progress in wind turbine manufacturing.
AdaniConnex Pvt Ltd (ACX - Data Center)
In terms of data center status, Phase-I of the Chennai facility is fully operational with a capacity of 17 MW. In Noida, there is 63% utilization out of the total 50 MW capacity, and in Hyderabad, the data center has reached 65% of its total capacity, which stands at 48 MW.
Adani Water Ltd (AWL - Water)
The company achieved Commercial Operation Date certificate for Prayagraj water project.
Adani Airports Holdings Ltd (AAHL - Airports)
Adani Airports, overseeing operations at seven airports, has demonstrated impressive growth in various metrics. Passenger movements surged by 31%, reaching a total of 21.4 million passengers. Additionally, air traffic movements experienced a significant 17% increase, totaling 148.2 thousand movements. Cargo volume also made a substantial impact, standing at 1.9 lakh metric tons.