Adani Enterprises Q1 profit up marginally at Rs 570 cr

Adani Enterprises today reported a marginal growth of 0.90% in consolidated net profit to Rs 569.81 crore for the quarter ended June 30, 2011, due to higher interest payments and increased tax outgo.

The company had reported a net profit of Rs 564.73 crore for the corresponding period last fiscal.

Net sales of the company, however, rose by 62.72% during the quarter under review to Rs 9,596.13 crore from Rs 5,897.13 crore in the April-June quarter of 2010-11, it said in a filing to the Bombay Stock Exchange.

During the quarter, interest payments of the company increased by whopping 48.25% to Rs 222.97 crore, the filing said, adding that its tax outgo also went up by over 28% to Rs 94.18 crore.

The company's revenues from its coal and power trading businesses registered a growth of about 50% during the April-June quarter to Rs 5,204.58 crore from Rs 3,476.05 in Q1 last fiscal, the filing said.

In addition, the power business of Adani Enterprises reported a gross revenue of Rs 850.64 crore, while revenues from its ports business stood at over Rs 480 crore.

The agri-business of the company contributed a gross revenue of Rs 2,155.41 crore, registering a growth of over 58%.

The filing further said the company has not taken into account the financials of Abbot Point Port of Australia, which was acquired in June by its subsidiary, Mundra Port and SEZ Ltd.

Scrips of the company settled at Rs 600.25 apiece on the Bombay Stock Exchange today, up 0.59% from their previous close.