Adani Enterprises (AEL), the flagship company of Adani Group, reported a 37.6% decline in net profit to ₹451 crore, attributed to one-time charges related to past airport dues and commercial mining losses. In comparison, the firm had posted a net profit of ₹722 crore in the same quarter of the previous financial year.

The firm’s revenues rose 0.8% to ₹29,180 crore from ₹28,944 crore, while Ebitda fell 11.4% to ₹3,195 crore, and Ebitda margins fell to 11% from 12.5%, AEL said in a statement.A consensus estimate of Bloomberg analysts was expecting the firm to post a consolidated revenue of ₹30,266 crore and Ebitda of ₹3,834 crore.

The company’s board recommended a dividend of Rs 1.30 per share.

Mumbai International Airport Ltd (MIAL), a subsidiary, had incurred Rs 627.37 crore as airport fee from March 1, 2022 to September 30, 2022.

In March 2020, the Covid-19 pandemic had caused MIAL to invoke force majeure provision under the Operation, Management and Development Agreement against the Airports Authority of India due to significant reduction in operations, and had claimed a relief.

MIAL did not pay the fees to the AAI, which led to arbitration proceedings. Now the company has provided for a part of those dues, triggering this one-time expense, it said.

Another Rs 88 crore was realisable in value of assets held for sale by one of the subsidiaries, Mundra Solar PV.”Adani Enterprises has once again validated its position not only as the premier business incubator in India but also as a global leader in infrastructure development,” said Adani Group chairman Gautam Adani said.

“AEL’s resilient growth model of incubation confirms the operational and organisational excellence. This is supported by high ratings and fully funded growth. Our commitment to excellence in project management and operations continues to set global benchmarks, ensuring sustainable long-term value creation for our stakeholders,” he added.

AdaniConneX, a joint venture between AEL and data centre operator EdgeConneX, order book rose to 210 MW from 112 MW as of end of March quarter. Adani Airports Holdings Ltd’s (AAHL) air passenger traffic rose 19% in FY24, while it added 10 new routes, 7 new airlines and 18 new flights during the quarter.Adani’s copper unit under Kutch Copper commissioned a 500 KTPA greenfield copper refinery project during the quarter.