Adani Ant’s quarterly profit doubles on airports business

Consolidated net profit more than tripled for the full financial year 2,421 crore to 787.7 crore in the last fiscal, but still missed analysts’ estimates 4201 crores by a huge margin.

Adani Group Chairman Gautam Adani said in a release, “Last year’s results represent undeniable evidence of the strength and resilience of Adani Group’s operational and financial performance.”

“Our mega-scale infrastructure project execution capabilities and our O&M management skills, which are at par with the best in the world, are strengths we continue to draw from the diversity of the Adani portfolio to create reliable long-term value for all our investors. Are.” Adani said.

Net income of Adani Group’s listed flagship nearly doubles 1.38 trillion during FY23 70,432.69 crore in FY22. Bloomberg estimates projected total annual revenue for the year 1.49 trillion.

However, the company’s total spending also doubled As against 1.34 trillion in FY23 69,480.64 crore during FY22.

For the March quarter, AEL’s total income grew by 26% 31,716 crore on a year-on-year basis based on the group’s performance in the airports business.

The company’s board recommended a final dividend on Thursday. 1.20 each equity share for FY23. The company will hold its annual general meeting on July 18 to consider the resolution.

The net worth of the company has increased 37,890 crore by the end of March 26,928.37 crore at the end of March last year.

During the March quarter, Adani Airports Holdings Ltd handled at least 21.4 million passengers, up 74% year-on-year. The airport branch saw a 56% increase in air traffic movements to 149,400 and handled 180,000 metric tonnes of cargo (up 14% YoY).

Adani Group had an eventful year in FY23. AEL issued 40.19 million new shares during the year 7,7001 crore (through the preferential allotment route) to International Holding Company (IHC Group), Abu Dhabi on May 12, 2022.

And, during the March quarter, US-based short seller Hindenburg Research issued a scathing report alleging stock manipulation and accounting fraud against some of the Adani group entities, which AEL has denied. Shares of Adani Enterprises had declined 54.6% in the March quarter, but have since recovered somewhat.

,[I]With reference to the short seller’s report, a petition has been filed in the Supreme Court, and the Securities and Exchange Board of India is examining the compliance of laws and regulations by inquiring the listed companies of the group,” AEL said in the filing.

At the end of FY23, AEL’s net cash from operating activities was much higher 17,626.46 crore from 1,385.28 crore at the end of March 2022.

The holding company of the beleaguered Adani Group on Thursday disclosed in an exchange filing that during FY23, certain investigations initiated by the Central Bureau of Investigation (CBI), Enforcement Directorate and Ministry of Corporate Affairs against AEL’s step-down subsidiary-Mumbai International Went. Airport Limited (MIAL), its holding company GVK Airport Holdings Limited and the former Promoter Directors of MIAL for the period prior to June 27, 2020.

The agencies are yet to complete their investigation and related proceedings.

During the March quarter, based on the arguments of the CBI, the case was transferred to the judicial magistrate court. Subsequently, in February 2023, the CBI filed a charge sheet in the Mumbai Magistrate Court against the accused entities including MIAL and the then Managing Director.

Among other things, it was alleged in the charge sheet that money was being collected 846 crores were siphoned off from MIAL through false contracts which are currently included in Property, Plant and Equipment at Net Book Value 595 crores. The company’s operating margin improved marginally to 6.44% during FY23 from 5.35% in FY22.

AEL said that during FY23, it has issued securitized market linked non-convertible debentures 790 crore in tranches and has maintained a security cover of over 100% on the principal amount till March 31, 2023, by way of pledge of shares of Adani Road Transport Limited, one of its subsidiaries. There is no interest or principal payment payable. Next three months ending 30th June.

Adani Ports and SEZ Ltd had announced a bond buyback plan in April to signal that its liquidity position was comfortable. Adani Transmission Ltd plans to buy back $100 million of bonds issued by one of its units, Bloomberg reported on Thursday.