The Adani Group is the third-largest conglomerate in India. The group's diverse businesses include port management, electric power generation and transmission, renewable energy, mining, airport operations, natural gas, food processing, and infrastructure.
In Q1FY24, the Adani Group companies reported a significant improvement in net profit, with eight out of ten group companies recording positive net profit growth. The combined consolidated net profit of these firms zoomed to ₹13,720 crore, marking a significant 66% improvement from the net profit of ₹8,255 crore reported during the corresponding period of the previous year.
Among group companies, ACC, one of India’s leading producers of cement and ready-mix concrete, reported a strong performance in the first quarter of FY 2023–24, with a 16.4% increase in revenue and a 105% YoY increase in consolidated profit after tax at ₹466 crore, driven by volume growth and operational efficiency.
Adani Power stands in the second position in the group, reporting an 83.24% YoY surge in its consolidated net profit to ₹8,759 crore. The company's total income surged to ₹18,109 crore from ₹15,509 crore in the year-ago quarter.
Adani Power achieved an average plant load factor (PLF) of 60.1% in Q1FY24, showcasing an improvement from Q1FY23 of 58.6%. The sales volume reached 17.5 billion units (BU) during the quarter with an installed capacity of 15,250 MW, compared to the sales volume of 16.3 BU with an installed capacity of 13,650 MW in April–June 2022.
Likewise, Adani Ports and Special Economic Zone posted an 80% rise in its consolidated net profit to ₹2,119 crore in the April-June quarter. During the same period of last year, the company reported ₹1,177 crore.
The company recorded its highest-ever quarterly port cargo volumes at 101.4 MMT in Q1FY24, reflecting a healthy 12% YoY jump. Its domestic cargo volumes recorded an 8% YoY increase, which is 3x India’s cargo volume growth rate in the same period.
With an industry-leading average turnaround time (TAT) for ships at 0.7 days, APSEZ has been a benchmark for other Indian ports and have driven the improvement in the TAT of major ports from 5 days in 2011 to 2 days currently, the company said in a regulatory filing.
Next up, Adani Green Energy, which is engaged in manufacturing electricity through solar and wind renewable sources, reported a 51% YoY jump in consolidated net profit to ₹323 crore in the June 2023 quarter.
The company's sale of energy witnessed a remarkable 70% rise, reaching 6,023 million units, supported by robust capacity additions. Adani Green's solar portfolio's capacity utilization factor (CUF) improved by 40 basis points YoY to 26.9%, signaling consistent high plant availability and improved solar irradiation.
| Scrip Name | Net profit - Q1FY24 ( ₹in Cr) | Net Profit - Q1FY23 ( ₹in Cr) | % Change |
| ACC | 466 | 227 | 105.28% |
| Adani Power | 8,759 | 4,780 | 83.3% |
| Adani Ports and SEZ | 2,119 | 1,177 | 80% |
| Adani Green Energy | 323 | 214 | 51% |
| Adani Enterprises | 674 | 469 | 44% |
| Ambuja Cements | 1135 | 865 | 31% |
| Adani Total Gas | 150 | 138 | 9% |
| Adani Transmission | 182 | 168 | 8.3% |
| Adani Wilmar | (79) | 194 | - |
| NDTV | (8.1) | 23.2 | - |
| Total | 13,720 | 8,255 | 66% |
| Source: Earnings reports |
With an operational capacity of 8,316 MW, the company continued to have the country's largest operating renewable energy portfolio, Adani Green said in a regulatory filing.
Adani Enterprises, the flagship company of Adani Group, also posted an impressive 44% YoY increase in its consolidated net profit to ₹674 crore. Ambuja Cements, the cement and building material company of Adani Cement, posted a 31% rise in its consolidated net profit to ₹1,135 crore as compared to ₹865 crore in the same quarter last year.
In May 2022, Adani Group acquired Swiss cement major Holcim's stake in Ambuja Cements and its subsidiary ACC for $10.5 billion (around ₹81,361 crore). Adani has aggressively expanded his empire in recent years by diversifying the business into multiple sectors.
Other group companies, including Adani Total Gas and Adani Transmission, delivered a net profit growth of between 8 and 9% in Q1 FY23.
On the flip side, Adani Wilmar reported a net loss of ₹79 crore compared to a net profit of ₹194 crore in the same quarter of the previous year. Additionally, NDTV displayed a net loss of ₹8.1 crore in Q1FY24, in contrast to a net profit of ₹23.2 crore in Q1FY23.
The company attributed this decline to reduced advertising spending both in broadcasting and digital domains, leading to a 35% YoY decline in revenue.
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