Adani Enterprises reported a 62% year-on-year (YoY) increase in EBITDA to ₹6,316 crore in Q2 FY27, while total income rose 74% to ₹38,023 crore. However, net profit attributable to shareholders declined 55% to ₹1,492 crore, mainly because the previous year's quarter included a large exceptional gain from the sale of its AWL Agri Business stake.
The Adani Enterprises Q2 FY27 Results highlight strong growth in copper operations, airport earnings and new-energy manufacturing. The company's copper business emerged as a major profit contributor, while airport EBITDA increased despite lower passenger traffic.
This Adani Enterprises Q2 FY27 Results Analysis examines the company's financial performance, segment-wise growth, exceptional items, half-yearly results, balance-sheet considerations and key factors investors should monitor.
Table of Contents
- Adani Enterprises Q2 FY27 Results: Key Highlights
- Adani Enterprises Q2 FY27 Financial Performance
- Why Did Adani Enterprises Net Profit Fall 55%?
- Adani Enterprises Q2 FY27 Segment-Wise Performance
- Adani Enterprises H1 FY27 Results
- Adani Enterprises Credit Rating and Debt Position
- Adani Enterprises Share Price Reaction
- Key Risks for Adani Enterprises
- What Should Investors Monitor After Adani Enterprises Q2 FY27 Results?
- Adani Enterprises Q2 FY27 Results: Investor Outlook
Adani Enterprises Limited (AEL) reported strong operating growth for the quarter ended 30 September 2026. Revenue and EBITDA increased significantly, although reported profit declined due to the high exceptional-gain base in Q2 FY26.
The following highlights summarise the company's September-quarter performance.
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Total income: Increased 74% YoY to ₹38,023 crore.
-
Revenue from operations: Rose 75% YoY to ₹37,216 crore.
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EBITDA: Increased 62% YoY to ₹6,316 crore.
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Net profit attributable to owners: Declined 55% YoY to ₹1,492 crore.
-
Profit before tax from continuing operations, excluding exceptional items: Increased 146% YoY to ₹2,002 crore.
-
Copper sales volume: Increased from 11,800 tonnes to 80,600 tonnes.
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Airport EBITDA: Rose 55% YoY to ₹1,641 crore.
-
Solar module capacity: Reached 10 GW following the commissioning of 4.3 GW of TopCon capacity.
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Data-centre pipeline: Exceeded 1.2 GW of cumulative tied-up capacity.
The key takeaway from the Adani Enterprises Q2 earnings FY27 is that underlying operating profitability improved substantially, even though reported net profit declined.
The Adani Enterprises Q2 FY27 Report shows strong growth across revenue, EBITDA and profit before tax from continuing operations, excluding exceptional items.
However, the difference between operating performance and reported net profit is important when assessing the company's earnings.
Adani Enterprises Q2 FY27 vs Q2 FY26
|
Financial metric
|
Q2 FY27
|
Q2 FY26
|
|
Total income
|
₹38,023 Cr
|
₹21,844 Cr
|
|
Revenue from operations
|
₹37,216 Cr
|
₹21,249 Cr
|
|
EBITDA
|
₹6,316 Cr
|
₹3,902 Cr
|
|
Continuing PBT*
|
₹2,002 Cr
|
₹814 Cr
|
|
PAT attributable to owners
|
₹1,492 Cr
|
₹3,304 Cr
|
Continuing PBT refers to profit before tax from continuing operations, excluding exceptional items.
Year-on-Year Financial Growth
|
Metric
|
YoY change
|
|
Total income
|
+74%
|
|
Revenue from operations
|
+75%
|
|
EBITDA
|
+62%
|
|
Continuing PBT*
|
+146%
|
|
PAT attributable to owners
|
-55%
|
Revenue and EBITDA Growth
Adani Enterprises' revenue from operations increased from ₹21,249 crore to ₹37,216 crore, reflecting a substantial expansion in business activity.
EBITDA increased by ₹2,414 crore to ₹6,316 crore, supported particularly by the ramp-up of copper operations.
Based on the reported revenue and EBITDA figures, the EBITDA-to-revenue ratio was approximately 17.0% in Q2 FY27, compared with 18.4% in Q2 FY26.
This indicates that EBITDA grew strongly in absolute terms, but at a slower rate than revenue. The change highlights the importance of examining the profitability and revenue mix of individual businesses rather than relying only on consolidated growth.
Meanwhile, continuing PBT, excluding exceptional items, increased from ₹814 crore to ₹2,002 crore, reflecting stronger underlying pre-tax earnings.
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To assess how Adani Enterprises’ strong EBITDA growth and lower reported profit relate to its market valuation, check the Adani Enterprises share price, historical charts and key valuation ratios.
The Adani Enterprises Q2 FY27 net profit declined despite higher revenue and EBITDA because the previous year's comparable quarter benefited from a significant exceptional gain.
Net profit attributable to owners fell from ₹3,304 crore in Q2 FY26 to ₹1,492 crore in Q2 FY27.
Impact of the AWL Agri Business Stake Sale
In Q2 FY26, Adani Enterprises recognised an exceptional gain of ₹3,583 crore, largely associated with the sale of its remaining stake in AWL Agri Business.
This gain increased the previous year's reported profit and created a high comparison base.
Q2 FY27 did not include a comparable exceptional gain.
As a result, the 55% decline in reported profit does not, by itself, indicate a deterioration in the company's operating businesses.
What Do the Underlying Earnings Indicate?
Two indicators help explain the difference between reported profit and operating performance:
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EBITDA increased 62%, reflecting stronger earnings before interest, tax, depreciation and amortisation.
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Continuing PBT, excluding exceptional items, increased 146%, indicating a substantial improvement in underlying pre-tax profitability.
For investors, both reported PAT and underlying profitability remain important. EBITDA shows operating progress, while PAT captures the effect of financing costs, depreciation, taxes and exceptional items.
The quarter therefore presents contrasting trends: stronger underlying earnings alongside a decline in reported net profit.
Adani Enterprises operates across several infrastructure and industrial businesses, including copper, airports, new energy, data centres, mining services and Integrated Resources Management (IRM).
The September-quarter performance was led by copper, while airports delivered higher EBITDA despite an accounting-driven pre-tax loss. New energy recorded volume growth but lower EBITDA.
1. Copper Business: Major Driver of Earnings Growth
Copper emerged as one of the most significant contributors to Adani Enterprises' operating performance in Q2 FY27.
The Mundra copper smelter reported a substantial improvement in profitability as production and sales volumes increased.
Copper Sales Volume
|
Period
|
Sales volume
|
|
Q2 FY26
|
11,800 tonnes
|
|
Q2 FY27
|
80,600 tonnes
|
|
H1 FY27
|
1,45,300 tonnes
|
Copper sales volume increased approximately 5.8 times YoY in Q2 FY27. For H1 FY27, sales volume rose 5.2 times compared with the corresponding previous-year period.
Copper Profitability
The Mundra copper smelter reported segment pre-tax profit before interest of ₹1,038 crore in Q2 FY27, compared with a loss of ₹278 crore in Q2 FY26.
This represents a positive swing of ₹1,316 crore.
For H1 FY27, the copper business generated EBITDA of ₹2,033 crore.
The improvement indicates that the copper smelter's ramp-up has started translating into meaningful operating earnings.
However, future profitability will depend on several factors:
- Capacity utilisation and consistency of production.
- Realised copper prices and commodity-market conditions.
- Treatment and refining charges.
- Working-capital requirements.
- Sustainability of margins as operations scale.
The company has not provided complete FY27 copper guidance in the supplied results information.
Therefore, investors should monitor quarterly sales volumes and EBITDA rather than assume that the current growth rate will continue throughout the year.
2. Airport Business: EBITDA Rises 55%, but Segment Reports Loss
Adani Enterprises' airport business reported strong income and EBITDA growth during Q2 FY27.
However, higher depreciation associated with the capitalisation of Navi Mumbai Airport affected reported segment profitability.
Airport Financial Performance
|
Metric
|
Q2 FY27
|
|
Total income
|
₹3,786 Cr
|
|
Income growth YoY
|
+20%
|
|
EBITDA
|
₹1,641 Cr
|
|
EBITDA growth YoY
|
+55%
|
|
Segment pre-tax result
|
₹290 Cr loss
|
|
Q2 FY26 pre-tax result
|
₹99 Cr profit
|
Airport EBITDA increased 55% despite a decline in passenger traffic.
However, the segment moved from a ₹99 crore pre-tax profit in Q2 FY26 to a ₹290 crore pre-tax loss in Q2 FY27.
The company attributed this change to increased depreciation following the capitalisation of Navi Mumbai Airport.
This distinction matters because depreciation reduces accounting profit even though it is not an immediate cash outflow.
Airport Operating Performance
|
Operating metric
|
Q2 FY27
|
|
Passenger movement
|
21.2 million
|
|
Passenger growth YoY
|
-6%
|
|
Cargo volume
|
3.2 lakh MT
|
|
Cargo growth YoY
|
+11%
|
Passenger movement declined 6%, while cargo volumes increased 11%.
Despite lower passenger traffic, the business generated higher EBITDA, indicating that revenue mix and monetisation are important to its operating performance.
For investors, the next phase will depend on whether traffic growth, aeronautical revenue, retail income, cargo activity and other non-aeronautical revenue can support profitability as the asset base expands.
The pace at which Navi Mumbai Airport's earnings offset depreciation will be particularly important.
3. Adani New Industries: Revenue Grows, but EBITDA Declines
Adani New Industries Limited (ANIL), the company's new-energy business, continued expanding manufacturing capacity and sales volumes.
However, its Q2 FY27 EBITDA declined despite higher revenue.
ANIL Financial and Operational Performance
|
Metric
|
Q2 FY27
|
|
Total income
|
₹3,669 Cr
|
|
Income growth YoY
|
+15%
|
|
EBITDA
|
₹1,094 Cr
|
|
EBITDA growth YoY
|
-7%
|
|
Solar module sales
|
1,478 MW
|
|
Module sales growth YoY
|
+35%
|
|
Wind-turbine generator sets
|
35
|
|
Wind-turbine generator growth YoY
|
+25%
|
The business reported 35% growth in solar module sales and 25% growth in wind-turbine generator sets.
However, EBITDA declined 7%, suggesting that higher volumes did not translate into higher operating earnings.
Potential factors include pricing pressure, product mix and costs associated with capacity ramp-up. The supplied information does not quantify the contribution of each factor.
Solar Manufacturing Capacity Expansion
Adani Enterprises commissioned 4.3 GW of TopCon solar module capacity in September 2026.
This increased ANIL's total solar module manufacturing capacity to 10 GW.
Construction of an additional 6 GW solar cell manufacturing line is progressing as scheduled.
These investments could strengthen the company's integrated solar manufacturing operations.
However, investors should assess whether higher manufacturing capacity leads to better utilisation, improved cost competitiveness and a recovery in EBITDA growth.
4. Data Centres: Contracted Capacity Exceeds 1.2 GW
AdaniConnex, Adani Enterprises' data-centre business, reported progress in its hyperscale infrastructure pipeline.
During Q2 FY27, the company signed a new 240 MW hyperscale order for Navi Mumbai.
This increased cumulative tied-up capacity to more than 1.2 GW.
Data-Centre Capacity Developments
|
Development
|
Capacity
|
|
New Navi Mumbai hyperscale order
|
240 MW
|
|
Cumulative tied-up capacity
|
Over 1.2 GW
|
|
Operational capacity
|
94.6 MW
|
|
Noida capacity handed over
|
10 MW
|
|
Pune capacity handed over
|
19.2 MW
|
Operational capacity reached 94.6 MW during the quarter, including capacity handed over in Noida and Pune.
The difference between operational capacity and cumulative tied-up capacity is significant.
It indicates that a substantial portion of the contracted pipeline has yet to become operational.
The business offers exposure to growing requirements for digital infrastructure, including AI-related computing, power availability and connectivity.
However, it remains relatively small compared with Adani Enterprises' consolidated operations.
Investors should therefore focus on the conversion of contracted capacity into operational assets, recurring revenue and cash flows rather than treating the entire pipeline as current earnings.
5. Mining Services and IRM: Mixed Volume Trends
Adani Enterprises reported different operating trends across mining services and Integrated Resources Management.
Mining services dispatch remained broadly stable, while IRM sales volumes declined.
Mining and IRM Operating Volumes
|
Operating metric
|
Q2 FY27
|
|
Mining services dispatch
|
10.7 MMT
|
|
Mining dispatch growth YoY
|
+2%
|
|
IRM sales volume
|
7.4 MMT
|
|
IRM sales volume growth YoY
|
-34%
|
|
IRM handling volume
|
6.0 MMT
|
|
IRM handling growth YoY
|
+41%
|
Mining services dispatch increased 2% to 10.7 million metric tonnes.
In contrast, IRM sales volume declined 34% to 7.4 MMT, while handling volume increased 41% to 6.0 MMT.
This divergence suggests that changes in contract mix, commodity-linked activity and logistics operations may influence the segment's financial performance.
The results do not establish whether the decline in IRM sales volume is temporary or reflects more persistent demand or contract-related factors.
Investors should monitor both sales and handling volumes alongside segment profitability in upcoming quarters.
Adani Enterprises' financial performance for the first six months of FY27 reflected strong EBITDA growth but a substantial decline in reported profit.
The company reported its highest-ever half-yearly EBITDA of ₹11,958 crore, supported by the expansion of its operating businesses.
Adani Enterprises H1 FY27 Financial Results
The following tables highlight Adani Enterprises' financial performance for H1 FY27 and H1 FY26.
H1 FY27 Financial Performance
| Financial Metric |
H1 FY27 and YoY Growth |
| Total income |
₹71,569 Cr (+62% YoY) |
| EBITDA |
₹11,958 Cr (+56% YoY) |
| Continuing PBT* |
₹3,297 Cr (+45% YoY) |
| PAT attributable to owners |
₹332 Cr (-92% YoY) |
H1 FY26 Financial Performance
| Financial Metric |
H1 FY26 |
| Total income |
₹44,281 Cr |
| EBITDA |
₹7,688 Cr |
| Continuing PBT* |
₹2,281 Cr |
| PAT attributable to owners |
₹4,189 Cr |
Continuing PBT excludes exceptional items.
Total income increased 62% to ₹71,569 crore, while EBITDA rose 56% to ₹11,958 crore.
Continuing PBT, excluding exceptional items, increased 45% to ₹3,297 crore.
However, PAT attributable to owners declined 92% to ₹332 crore.
Why Did H1 FY27 Net Profit Decline 92%?
The sharp decline in half-yearly net profit was primarily associated with exceptional items affecting the comparison.
In Q1 FY27, Adani Enterprises recognised a one-time charge of ₹2,644 crore related to a US$275 million settlement with the US Office of Foreign Assets Control (OFAC).
Additionally, the previous year's first-half results benefited from the exceptional gain associated with the AWL Agri Business stake sale.
These items significantly affected reported profitability.
Consequently, H1 FY27 PAT does not fully reflect the improvement in operating earnings.
The 56% EBITDA growth and 45% increase in continuing PBT provide additional context for assessing the company's underlying performance.
However, investors should also monitor the financial and cash-flow consequences of exceptional charges, even when these are excluded from underlying earnings comparisons.
Adani Enterprises continues to invest in capital-intensive businesses, including airports, copper, solar manufacturing and data centres.
These investments require substantial funding, making borrowing costs, debt levels and cash-flow generation important considerations.
CARE Credit Rating Upgrade
Adani Enterprises received a long-term credit-rating upgrade to AA/Stable from CARE, which the company described as the highest credit rating in its history.
The rating upgrade is relevant because the company continues to finance large infrastructure and manufacturing projects.
A stronger credit profile may support access to funding and potentially improve borrowing terms.
However, the actual impact on financing costs will depend on borrowing conditions, debt structure and future funding requirements.
What About Adani Enterprises' Debt?
The supplied Q2 FY27 results information does not include a complete updated schedule of gross debt, net debt, cash balances or capital expenditure commitments.
Market commentary cited gross debt of approximately ₹97,620 crore as of June 2026.
However, this figure predates the September quarter and should not be treated as the company's verified Q2 FY27 closing debt position.
Investors should examine the detailed financial statements and exchange disclosures for:
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Gross and net debt: To understand total borrowings after accounting for available cash.
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Interest costs and coverage: To assess the company's ability to service borrowings.
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Operating cash flow: To determine how much operating profit converts into cash.
-
Capital expenditure: To understand future investment and funding requirements.
-
Liquidity and contingent liabilities: To assess financial flexibility and potential obligations.
Strong EBITDA growth is encouraging, but it does not automatically establish stronger free cash flow or lower leverage.
For Adani Enterprises, the relationship between operating earnings, capital expenditure and debt funding remains important.
The market response to the Adani Enterprises Q2 Results 2027 was initially cautious, with investors weighing strong operating growth against the decline in reported profit.
Share Price Movement After Results
|
Date
|
Share price reaction
|
|
28 October 2026
|
BSE close at ₹2,482, down 0.32%
|
|
28 October 2026
|
Moneycontrol-reported close of ₹2,479.80, down approximately 0.4%
|
|
29 October 2026
|
NSE price around ₹2,554, up approximately 3% by late morning
|
The stock fluctuated between gains and losses on 28 October before closing marginally lower.
On 29 October, the shares recovered during morning trading.
The rebound was consistent with investors giving greater attention to the copper ramp-up and EBITDA growth, although short-term price movements cannot be attributed to a single factor with certainty.
The share price reaction also highlights the difference between headline earnings and underlying business performance.
Despite strong operating growth in Q2 FY27, Adani Enterprises faces risks related to commodity prices, capital-intensive expansion, project execution and financial obligations.
The following risks could affect the company's profitability and future growth.
1. Copper Price and Margin Risk
Copper has become a major earnings contributor, generating ₹2,033 crore in EBITDA during H1 FY27. However, profitability remains exposed to commodity-price fluctuations, treatment and refining charges, and operating costs.
Changes in these factors could affect margins even if production volumes continue growing.
2. Airport Profitability Risk
Despite a 55% increase in airport EBITDA, the segment reported a pre-tax loss of ₹290 crore in Q2 FY27 due to higher depreciation associated with Navi Mumbai Airport.
Continued depreciation expenses, weaker passenger traffic and slower revenue growth could delay improvement in segment profitability.
3. New-Energy Margin Pressure
Adani New Industries reported a 7% decline in EBITDA despite 15% revenue growth and higher solar module sales.
Pricing pressure, manufacturing costs and capacity ramp-up expenses could continue affecting profitability as the company expands production.
4. High Capital Expenditure and Debt Risk
Adani Enterprises continues investing in airports, copper, solar manufacturing and data centres, all of which require substantial capital.
High funding requirements, borrowing costs and delays in generating operating cash flows could place pressure on the company's financial position.
5. Project Execution and Regulatory Risks
The company's expansion depends on timely completion and commercialisation of large infrastructure projects.
Construction delays, regulatory changes, legal developments and geopolitical uncertainty could affect execution timelines, funding conditions and future earnings.
6. Earnings Volatility from Exceptional Items
The ₹3,583 crore exceptional gain in Q2 FY26 and the ₹2,644 crore OFAC-related charge in Q1 FY27 have significantly affected reported profit comparisons.
Further exceptional items could create volatility in reported PAT, making it harder to assess underlying earnings trends.
Following the Adani Enterprises Q2 FY27 Results, investors should focus on whether strong operating growth translates into sustainable profitability, cash-flow generation and improved financial stability.
The following indicators will be important in upcoming quarters.
| Key area |
What investors should monitor |
| Copper operations |
Sales volume growth beyond 80,600 tonnes, capacity utilisation and sustainability of EBITDA margins |
| Airport business |
Passenger and cargo growth, depreciation expenses and recovery in pre-tax profitability |
| New energy (ANIL) |
Utilisation of 10 GW module capacity, progress on the 6 GW cell line and EBITDA margin recovery |
| Data centres |
Conversion of the 1.2 GW-plus contracted pipeline into operational capacity and recurring revenue |
| Debt and cash flow |
Net debt, interest coverage, operating cash flow and capital expenditure requirements |
| Underlying earnings |
Growth in continuing PBT and EBITDA, alongside normalisation of reported PAT |
The key factor to watch is whether Adani Enterprises can convert its expanding operating capacity into consistent earnings and cash flows while managing debt and execution risks.
Adani Enterprises' Q2 FY27 performance reflected a significant improvement in underlying earnings, particularly from copper and airport operations.
However, the company's financial outlook also depends on how effectively it converts ongoing capital investment into sustainable profits and cash flows.
Positive Factors
-
Copper operations have moved from a loss-making position to a major profit contributor.
-
Consolidated EBITDA increased 62% in Q2 FY27.
-
Airport EBITDA rose 55% despite lower passenger movement.
-
Solar module manufacturing capacity reached 10 GW.
-
AdaniConnex's cumulative tied-up capacity exceeded 1.2 GW.
-
Continuing PBT, excluding exceptional items, increased 146%.
These developments suggest that several businesses within Adani Enterprises' incubation portfolio are progressing towards larger operating contributions.
Key Concerns
-
Reported net profit declined 55% in Q2 FY27.
-
Airport operations recorded a pre-tax loss despite higher EBITDA.
-
ANIL's EBITDA declined 7% despite increased sales volumes.
-
Copper profitability remains exposed to commodity-market conditions.
-
Large infrastructure projects require continued capital expenditure and funding.
-
The latest complete debt and cash-flow position needs to be assessed alongside the results.
Final Assessment
Adani Enterprises delivered a strong operating quarter in Q2 FY27, with revenue and EBITDA growing substantially despite a decline in reported net profit.
The most important development was the copper business, where higher sales volumes helped convert a previous-year loss into significant profitability. Airports also reported strong EBITDA growth, while solar manufacturing and data-centre capacity continued expanding.
However, the decline in reported PAT, depreciation-related airport losses, softer new-energy EBITDA and substantial capital requirements remain important considerations.
For long-term investors, the central issue is whether Adani Enterprises can sustain its operating growth while improving cash-flow generation and managing leverage. Future quarterly performance across copper, airports, new energy and data centres will provide a clearer indication of the company's progress.
Frequently Asked Questions
1. What are the key highlights of Adani Enterprises Q2 FY27 results?
Adani Enterprises reported total income of ₹38,023 crore in Q2 FY27, up 74% YoY. EBITDA increased 62% to ₹6,316 crore, while net profit attributable to owners declined 55% to ₹1,492 crore. Copper operations and airport EBITDA were major contributors to operating growth.
2. Why did Adani Enterprises' net profit fall 55% in Q2 FY27?
Adani Enterprises' net profit declined primarily because Q2 FY26 included an exceptional gain of ₹3,583 crore, largely related to the sale of its remaining AWL Agri Business stake. There was no comparable gain in Q2 FY27. Excluding exceptional items, continuing PBT increased 146% to ₹2,002 crore.
3. How did Adani Enterprises' copper business perform in Q2 FY27?
Copper sales volume increased from 11,800 tonnes in Q2 FY26 to 80,600 tonnes in Q2 FY27. The Mundra copper smelter reported segment pre-tax profit before interest of ₹1,038 crore, compared with a ₹278 crore loss a year earlier. H1 FY27 copper EBITDA reached ₹2,033 crore.
4. What were Adani Enterprises' H1 FY27 results?
In H1 FY27, Adani Enterprises reported total income of ₹71,569 crore, up 62% YoY, and its highest-ever half-yearly EBITDA of ₹11,958 crore, up 56%. However, PAT attributable to owners declined 92% to ₹332 crore, affected by exceptional items, including the OFAC-related charge in Q1 FY27.
5. What should investors watch after Adani Enterprises Q2 FY27 results?
Investors should monitor copper production and profitability, airport traffic and depreciation, ANIL's manufacturing margins, data-centre capacity execution, and the company's debt and cash-flow position. The sustainability of EBITDA growth and normalisation of reported profit will be important in upcoming quarters.