Adani Enterprises (ADANIENT) Q1 24/25 earnings summary

Executive summary

• Achieved record quarterly consolidated EBITDA of ₹4,300 crore, up 48% year-over-year, with incubating businesses contributing 62% of total EBITDA, reflecting strong performance in green hydrogen, data centers, airports, and roads.

• Consolidated profit before tax rose 107% to ₹2,236 crore, and consolidated income increased 13% to ₹26,067 crore compared to the same quarter last year.

• Board approved major corporate restructuring, including the demerger of the Food FMCG business into Adani Wilmar and a composite scheme to simplify the new energy business structure under Adani New Industries Limited.

• Incubating businesses, especially the ANIL Ecosystem and Airports, showed significant operational and financial progress, while IRM business faced volume headwinds.

• Unaudited standalone and consolidated financial results for the quarter ended 30th June 2024 were approved and released.

Financial highlights

• Consolidated revenue from operations for Q1 FY25 was ₹25,472.40 crore, up from ₹22,644.47 crore in Q1 FY24; consolidated income reached ₹26,067 crore.

• EBITDA increased 48% year-over-year to ₹4,300 crore; profit before tax was ₹2,236 crore, and consolidated net profit after tax rose to ₹1,772.26 crore.

• Green hydrogen ecosystem revenue surged 138% to ₹4,519 crore, with EBITDA up 3.6x to ₹1,642 crore, mainly from higher module exports.

• Airport business revenue grew 27% to ₹2,177 crore, and EBITDA increased 33% to ₹682 crore year-over-year; airport segment reported ₹2,252.41 crore in revenue.

• Mining services revenue rose 41% to ₹856 crore, with EBITDA up 43% to ₹347 crore; production volume increased 49% to 9.4 million metric tons.

Outlook and guidance

• Solar manufacturing and wind turbine businesses are fully booked for the current financial year; plans to expand solar module capacity to 10 GW by end of FY 2026.

• Mining services target 35 million metric tons in FY 2025 and 55 million metric tons in FY 2026; Carmichael Mine aims for 12 million metric tons in FY 2025 and 15 million by FY 2026.

• Greenfield Navi Mumbai airport on track for completion and operationalization by March 2025.

• The demerger and amalgamation schemes are expected to unlock value, enhance focus, and drive growth in both the Food FMCG and new energy businesses.

• Management expects the new structure to improve operational efficiency and access to capital for growth opportunities.