Adani Enterprises today reported an over three-fold jump in consolidated net profit to Rs 407 crore for the first quarter of the current fiscal on the back of its foray into new businesses like power.
"Earlier, we were predominantly into trading. Now, we are also involved in high contribution businesses like power, which helped in improving our margins," a spokesperson of the infrastructure-focused conglomerate told PTI.
The company, which sealed a deal worth about $3 billion earlier this month with Australia's Linc Energy to buy its coal assets in that country, had posted a Rs 127.67 crore profit for the same quarter of the last fiscal.
Moving forward, the billionaire Gautam Adani-led group expects the margins of its core infrastructure business, as well as its non-core power, agro and real estate interests, to further improve.
"From a leading trading house, we have evolved as a complete infrastructure developer. Hence, margins have improved and will further improve in times to come," he added.
However, the company's turnover declined by about 14.4 per cent to Rs 5,536 crore in the reporting period from the year-ago figure of Rs 6,377 crore. The decline in the company's turnover was mainly on account of lower revenue from its core trading business, which dipped to Rs 3,476.05 crore in April-June, 2010, from Rs 5,236.13 crore in the year-ago period.
On a standalone basis, Adani Enterprises clocked a net profit of Rs 84.16 crore in the April-June period of 2010 as against Rs 78.73 crore in the corresponding period a year ago.
Shares of Adani Enterprises today closed at Rs 627.80 on the Bombay Stock Exchange, up Rs 4.63 per cent over the previous close.
