Adani Enterprises drops on reverse turnaround in Q2

Adani Enterprises lost 3.58% to Rs 203.45 at 14:45 IST on BSE after the company reported a consolidated net loss of Rs 416.95 crore in Q2 September 2013 compared with net profit of Rs 320.21 crore in Q2 September 2012.

The Q2 result was announced during trading hours today, 31 October 2013.

Meanwhile, the S&P BSE Sensex was up 5.09 points or 0.02% at 21,039.06.

On BSE, 4.92 lakh shares were traded in the counter as against average daily volume of 4.47 lakh shares in the past one quarter.

The stock hit a high of Rs 211.40 and a low of Rs 199.10 so far during the day. The stock hit a 52-week low of Rs 126.05 on 4 September 2013. The stock hit a 52-week high of Rs 296.90 on 19 December 2012.

The stock had outperformed the market over the past one month till 30 October 2013, surging 50.12% compared with the Sensex's 8.54% rise. The scrip had also outperformed the market in past one quarter, jumping 19.61% as against Sensex's 8.71% rise.

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

Adani Enterprises' consolidated total income rose 33.71% to Rs 14009.63 crore in Q2 September 2013 over Q2 September 2012.

Adani Enterprises said that its earnings before interest, taxation, deprecation and amortization (EBITDA) rose 17% to Rs 1896 crore in Q2 September 2013 over Q2 September 2012. Adani Enterprises said that its port and coal trading businesses continue to grow on a steady basis. The company said that its performance in Q2 September 2013 was adversely affected by currency volatility, non-availability of domestic coal and delay in compensatory tariff in power generation business. Mr. Gautam Adani, Chairman, Adani Group said that the company's financial results reflect the continued stress on the group's power business. He said that the power business scenario is expected to improve in the ensuing quarters.

In its coal mine development and operations business, the company is in the process of scaling up its operations. The company said it extracted 4.4 lac metric tones of coal in Q2 September 2013 from its Parsa Kente block in Chhattisgarh. The Environmental Impact Statement (EIS) and other approvals for the Carmichael Coal Mine and Rail Project in Australia are progressing well and are expected as per schedule, Adani Enterprises said in a statement.

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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