Adani Ports & SEZ (APSEZ) net profit for the July-September quarter fell 31 per cent on year to Rs 968 crore from Rs 1394 crore a year earlier.
It’s revenue grew 19 per cent to Rs 4,066 crore. But costs increased 55 per cent, led by higher interest charges on loans.
The company also said in a filing that it will exit its Myanmar investment.
The net profit of
Enterprises (AEL), which houses the conglomerate’s airports, infrastructure, mining, solar businesses, more than halved to Rs 195 crore from Rs 436 crore a year earlier.
Total income grew to Rs 13,597 crore from Rs 9,312 crore in the same period last year. Operating expenses jumped.
Adani didn’t explain reasons for the fall. Rather its chairman expressed confidence in his outlook.
“AEL’s existing businesses are stronger than they have ever been – and, this year, we have launched several new businesses critical to a strong Atmanirbhar Bharat. These include a digital consumer aggregation platform, networked airport ecosystems, green data centres, and advanced road, metro and water infrastructure,” he said in a statement.
“Free cash flow from operations (after adjusting for working capital changes, Capex, and net interest cost) was Rs. 2,550 crore. This does not include cash flow from Gangavaram port and the Sarguja Rail Corridor (SRCPL). If included (on a pro forma basis), the cash flow stands at Rs.3,032 crore We are on track to achieve the guided free cash flow for FY22,” AEL said in a statement.
“The Company is in discussion with its US based counsels to ensure that the Company is in compliance with the OFAC [Office of Foreign Assets Control] sanctions programs. In a scenario wherein Myanmar is classified as a sanctioned country under the OFAC or if OFAC opines that we are in violation of the current sanctions, the company has plans to abandon the project and will write-down its investments in the project in full,” APSEZ said separately.
Under the Adani Enterprises’ airports business, it took over Jaipur, Guwahati and Thiruvananthapuram airports in October and completed the acquisition of Mumbai International Airport on July 13, it said.
The four operational airports for the July-September quarter Mangaluru, Lucknow, Ahmedabad and Mumbai handled 6.5 million passengers during the quarter.
Adani announced the formation of new board committees including the corporate responsibility committee with 100 per cent independent directors and a change in composition in the audit committee to include 100 per cent independent directors therein.
