Adani Enterprises reports consolidated loss of Rs 65.67 cr in Q1

Adani Enterprises on Thursday reported a consolidated loss of Rs 65.67 crore for the first quarter ended June 30.

The Gautam Adani-led company had clocked a consolidated profit of Rs 570.14 crore in the corresponding quarter a year ago, the company said in a BSE filing.

Its consolidated total income for the quarter declined to Rs 5,502.02 crore, as against Rs 10,685.86 crore during the year-ago period.

The total expenses also fell to Rs 5,639.56 crore during the quarter under review, compared to Rs 10,243.74 crore in the same period previous fiscal.

"Consolidated PAT (profit after tax) attributable to owners at Rs 30 crores vs Rs 601 crores in Q1 FY20. In Q1 FY20, there was a one-time income of Rs 328 crores," the company said in a statement.

With continued lockdown and restrictions during this quarter, the company's volume across business segments have been affected, it added.

The company resumed its operations with "Safety First" approach duly following the government guidelines. The operational performance of the businesses continue to recover in phased manner towards Pre-Covid level, it said.

"Adani Enterprises Limited has always focused on businesses which are closely aligned to the lifeline of the economy, providing essential services to enhance the quality of life of citizens and addressing critical national infrastructure priorities.

"In midst of the pandemic, we see opportunity to expand our footprint and we continue to trace our path towards growth with goodness. Our focus continues to remain in optimizing capital utilisation, strengthening the organisational structure to mitigate risk ultimately laying the foundation for consistent value creation," Gautam Adani, Chairman, Adani Group, said.

Adani Enterprises Limited (AEL) is the flagship company of Adani Group with a diversified business portfolio comprising integrated coal management and mining services, solar modules manufacturing as well as edible oil business.