ADANIENT · Metals & Mining
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +497.3% on the year; profit before other income, exceptional items and tax +451.5%.
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 21.0% against 39.3% over the previous quarters, worth about ₹439 cr of profit.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹19,546 cr | ₹25,050 cr | ₹29,180 cr | ₹25,472 cr | ₹22,608 cr | ₹22,848 cr | ₹26,966 cr | ₹21,961 cr | ₹21,249 cr | ₹24,820 cr | ₹32,439 cr | ₹32,924 cr |
| YoY | — | — | — | — | +16% | −9% | −8% | −14% | −6% | +9% | +20% | +50% |
| EBITDA margin | 12.4% | 12.9% | 10.9% | 14.5% | 16.7% | 13.4% | 13.8% | 15.1% | 15.6% | 14.7% | 11.5% | 15.2% |
| Other income, % of PBT | 58% | 21% | −25% | 26% | 24% | 113% | 87% | 32% | 95% | 91% | 103% | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 50% | 19% | 62% | 26% | 21% | — | 24% | 39% | 23% | 20% | — | — |
| Net profit | ₹333 cr | ₹1,973 cr | ₹352 cr | ₹1,772 cr | ₹1,989 cr | ₹229 cr | ₹4,015 cr | ₹976 cr | ₹3,414 cr | ₹5,727 cr | −₹167 cr | −₹1,462 cr |
| YoY | — | — | — | — | +497% | −88% | +1,041% | −45% | +72% | +2,401% | −104% | −250% |
| Core profit YoY | — | — | — | — | +452% | −104% | −22% | −40% | −88% | — | −103% | −32% |
| EPS | ₹1.78 | ₹14.79 | ₹3.53 | ₹11.39 | ₹13.64 | ₹0.45 | ₹29.74 | ₹6.85 | ₹24.74 | ₹43.53 | −₹0.81 | −₹8.92 |
| Flags | 1 | · | · | 1 | 2 | 2 | 3 | ✓ | 3 | 1 | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Adani Enterprises Ltd. reported revenue of ₹22,608 cr (+15.7% on the year) and net profit of ₹1,989 cr (+497.3% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +451.5% on the year, against +497.3% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.