In Q2 FY24, Adani Enterprises’ airport division has experienced remarkable revenue growth, securing its position as the third-largest revenue contributor within the Adani Group. This data, as per the official exchange filing, reflects revenue figures of Rs 1,905.47 crore during this quarter, marking a substantial increase from the Rs 1,292.26 crore recorded for the corresponding period in the previous fiscal year.
Adani Airports Holdings, a subsidiary of Adani Enterprises, reported a combined profit of Rs 200 crore, ranking third in terms of profitability within the Adani Group, following Adani New Industries Limited (ANIL).
Assets within the airport segment have also grown significantly, increasing from Rs 33,724.09 crore in Q2 FY23 to Rs 40,030.00 crore in Q2 FY24. However, in tandem with the increased assets, liabilities also experienced a 24 percent rise. Liabilities have surged from Rs 8,614.35 crore for the quarter ending on September 30, 2023, to Rs 11,353.01 crore for the corresponding quarter in the current fiscal year.
Adani’s airport division currently manages seven airports, including Mumbai, Navi Mumbai (currently under construction), Ahmedabad, Thiruvananthapuram, Jaipur, Lucknow, Guwahati, and Mangaluru. For the ongoing Navi Mumbai airport project, the company reported a progress rate of 39 percent and remains committed to inaugurating the airport by 2024.
These seven operational airports collectively serve 23 percent of the total passenger base, and overall passenger movement increased by 29 percent to 42.7 million across these airports. Mumbai airport stands out as the leader, serving the highest number of passengers (25 million), with Ahmedabad following closely behind.
Here are some highlights from different airports within the Adani Group:
Mumbai Airport:
- Became the first in India and third in the world to receive Level 4 customer experience accreditation from the Airports Council International (ACI).
- Received the prestigious ‘Excellent Energy Efficient Unit’ award from CII.
- Inaugurated and made operational the PESC Phase 2 expansion.
Ahmedabad Airport:
- Inaugurated the New Arrival & Departure Immigration block in T2.
- Received a Gold award under the Facility Category in the Airport Sector.
Jaipur Airport:
- Operationalized the Domestic Cargo Terminal at Jaipur Airport.
- Received the prestigious silver award at SEEM awards in recognition of the airport’s commitment to energy efficiency and sustainability.
During Q2 FY24, two international airlines and nine international routes were connected to Adani’s airports.
Debt Situation: Adani Airports Holdings Ltd had the highest debt among all of its businesses. Its total debt as of September 30, 2023, amounted to Rs 16,752 crore, compared to Rs 15,337 crore in Q1 FY24. Adani Enterprises, the parent company, reported a total debt of Rs 42,102 crore, an increase from Rs 38,320 crore in the previous quarter.
On November 2, Adani Enterprises announced its consolidated net profit at Rs 227.82 crore, reflecting a 50.57 percent decrease from Rs 460.94 crore in Q2 FY23. The company cited decreasing coal prices as a key factor affecting its profitability. The revenue from operations also declined by 41.01 percent to Rs 22,517.33 crore, according to the company’s exchange filing.
Adani Enterprises highlighted that its EBITDA increased by 39 percent to Rs 2,979 crore, driven by strong performance in its incubating businesses.