AEL posts 56% rise in net Profit

Adani Enterprises, the flagship company of the Adani Group, posted a 56 per cent rise in net profit for the quarter ended December 31 to Rs 474 crore, up from Rs 304 crore in the corresponding quarter last year. However, turnover though during Q3  dropped 11 per cent to Rs 5643 crore compared to the third quarter last year.

"The marginal drop in revenue is largely due to the gradual phasing out of the trading business other than coal and agri products. This is being made up on account of revenue from port and power business.", Adani Enterprises said in a statement issued here.

Gautam Adani, chairman, Adani Enterprises said, “Adani Enterprises is now a uniquely positioned integrated infrastructure play encompassing the entire value chain from captive coal mines to coal trading, managing ports and logistics, power generation and power transmission. With operations in Australia, Indonesia and India, we will become the largest private sector mining company in India. The company has also recently acquired two capsize vessels to help bolster its integrated logistics coal value chain, which coupled with the logistics of Mundra Port, should bode well for the future. ”

Coal volumes in the third quarter stood at 6.39 million tonnes, while for the nine-month period coal volumes stood at 21.42 Million tonnes up from 18.92 million tonnes during the corresponding period last year.

Adani Power ended up selling 4,081 million units of electrical energy during the nine-month period ended December 2010 compared to 606 million units for the corresponding period last year.

The 1,717 million units of electrical energy sold in Q3 FY 2011 accounted for Rs 334 crore of the company’s EBITDA for the current quarter.