ADANIENT · Metals & Mining
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 113% of profit before tax, against 21% a year earlier.
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹2,141 cr, +258.6% on the year; 70% of EBITDA.
Source: Quarterly statements
Could not run on this quarter: Tax rate lifting profit, 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.
| 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 ₹22,848 cr (−8.8% on the year) and net profit of ₹229 cr (−88.4% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −104.1% on the year, against −88.4% for reported profit.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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