Adani Enterprises drops after poor Q3 results

Adani Enterprises lost 3.75% to Rs 231.15 at 14:06 IST on BSE after consolidated net profit declined 83.61% to Rs 68.20 crore on 0.71% growth in total income to Rs 13747 crore in Q3 December 2013 over Q3 December 2012.

The Q3 result was announced during trading hours today, 31 January 2014.

Meanwhile, the S&P BSE Sensex was up 22.32 points or 0.11% at 20,520.57.

On BSE, so far 3.37 lakh shares were traded in the counter as against average daily volume of 3.28 lakh shares in the past one quarter.

The stock hit a high of Rs 245.85 and a low of Rs 229.50 so far during the day. The stock had hit a 52-week low of Rs 126.05 on 4 September 2013. The stock had hit a 52-week high of Rs 286.65 on 9 December 2013.

The stock had underperformed the market over the past one month till 30 January 2014, sliding 9.8% compared with the Sensex's 3.05% fall. The scrip had, however, outperformed the market in past one quarter, jumping 13.82% as against Sensex's 2.55% fall.

The large-cap company has equity capital of Rs 109.98 crore. Face value per share is Re 1.

Adani Enterprises' consolidated EBITDA (earnings before interest, taxation, depreciation and amortization) rose 0.23% to Rs 2111 crore in Q3 December 2013 over Q3 December 2012.

Adani Enterprises said that its port and coal trading businesses continue to grow on a steady basis, whereas its performance was affected by non-availability of domestic coal and delay in compensatory tariff in its power business.

Commenting on the company's financial performance, Mr Gautam Adani, Chairman, Adani Group said, "Our integrated business model of Resources, Logistics & Energy has an in-built resilience & adaptability. This was tested & validated over the last two years wherein the Power Business part of the model was nurtured & supported within the value chain. In the ensuing quarters, we will enjoy these synergy benefits as we see marked improvement in power business on account of tariff revisions, full availiability of plant capacity and better business & growth environment".

Mr Devang Desai, CFO Adani Group and Executive Director, Adani Enterprises said, "Our overall improved quarterly performance has set the direction for ensuing quarters as we see greater contribution from the power business. We continue to focus on operating coast reductions & revenue enhancements and closely nurture the capital spends in all our businesses".

Adani Enterprises is the flagship company of the Adani Group. The company is the largest private sector coal importer in India.

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