Adani Enterprises drops after weak Q2 numbers

Adani Enterprises tumbled 7.16% to Rs 195.80 after consolidated adjusted net profit fell 0.9% to Rs 179.23 crore on 7.5% decline in net sales to Rs 8,464.19 crore in Q2 September 2019 over Q2 September 2018.

The result was announced yesterday, 12 November 2019. Consolidated EBITDA fell 2.17% to Rs 540 crore in Q2 September 2019 over Q2 September 2018. The company incurred exceptional loss of Rs 130 crore due to write-off of exploration block in one of the subsidiaries of the group.

In Mine Development and Operations (MDO) business at Parsa Kentecoal mines in Chattisgarh, the company has supplied washed coal of 2.32MMT to RRVUNL in Q2FY 20 as compared to 3.09MMT in Q2FY19.

The company has established India's largest solar cell and module manufacturing unit in Mundra SEZ. The plant has an installed capacity of 1.2 GW fully integrated cell and module manufacturing unit. Q2FY 20 volumes increased by 79% to 278 MW modules vs 156 MW modules in Q2FY19.

In food business, the company has maintained its leadership position with its Fortune brand and continues to lead the refined edible oil market with more than 20% market share.

"Adani Enterprises continues to incubate new age infrastructure which will provide world-class services to the users. We are very excited to build next set of businesses like airport management, data center parks, roads, water infrastructure and defense & aerospace. As always, we are committed to address the challenges in infrastructure building, contributing to economic growth of the nation and delivering higher shareholders value," said Gautam Adani, Chairman Adani Group.

Adani Enterprises is an integrated infrastructure company with businesses spanning coal trading, coal mining, oil and gas exploration, ports, multi-modal logistics, power generation, and transmission and gas distribution.

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