AEL’s net profit for the third quarter of the current financial year more than doubled

New Delhi: The net profit of Adani Enterprises Limited (AEL) for the third quarter (October-December) of the current financial year has more than doubled.

The flagship company of the group led by billionaire Gautam Adani said its strong performance was largely driven by renewable energy, airports and roads businesses.

The company said in the statement that its net profit for October-December, 2023 stood at Rs 1,888 crore, which was Rs 820 crore in the same period last year.

Adani Enterprises said profit before tax in green hydrogen business quadrupled to Rs 1,655 crore. Similarly, the profit before tax of the road business doubled to Rs 910 crore and the profit before tax of the airport business increased by 27 percent to Rs 1,774 crore.

The company’s pre-tax profit increased by 89 percent to Rs 3,717 crore in the quarter under review.

Adani Group Chairman Gautam Adani said, “The third quarter has been strong for the company, with our two key new businesses (new energy and airports) gaining momentum.”

“Our commitment to enhancing customer satisfaction and redefining the customer experience at our airports remains steadfast,” he said. We are also pleased with our progress in establishing a fully integrated manufacturing chain for green hydrogen production.”

The company’s operating income increased by seven percent to Rs 28,827 crore in the third quarter of the current financial year.