Adani Enterprises gains after declaring strong Q1 earnings

Adani Enterprises rose 1.48% to Rs 92.65 at 15:21 IST on BSE after consolidated net profit on comparable basis after adjusting for demerger of ports, power and transmission businesses rose 43% to Rs 380 crore in Q1 June 2015 over Q1 June 2014.

The Q1 result was announced during market hours today, 11 August 2015.

Meanwhile, the S&P BSE Sensex was down 233.56 points or 0.83% at 27,868.16.

On BSE, so far 24.81 lakh shares were traded in the counter as against average daily volume of 11.04 lakh shares in the past one quarter.

The stock was volatile. The stock rose as much as 5.03% at the day's high of Rs 95.90 so far during the day. The stock fell as much as 0.82% at the day's low of Rs 90.55 so far during the day. The stock had hit a record high of Rs 803.90 on 26 May 2015. The stock had hit a 52-week low of Rs 79.85 on 28 July 2015.

The stock had outperformed the market over the past one month till 10 August 2015, advancing 1.95% compared with the Sensex's 1.59% rise.

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

Adani Enterprises' income from operations on comparable basis after adjusting for demerger of ports, power and transmission businesses, fell 9% to Rs 11275 crore in Q1 June 2015 over Q1 June 2014. The company attributed the decline in top line during the quarter to reduction in sales of its bunkering business.

Adani Enterprises' earnings before interest, taxation, depreciation and amortization (EBITDA) on comparable basis after adjusting for demerger of ports, power and transmission businesses rose 18% to Rs 933 crore in Q1 June 2015 over Q1 June 2014.

Commenting on the company's Q1 performance, Mr Gautam Adani, Chairman of Adani Group said that post demerger, Adani Enterprises continues to focus on renewable energy, coal trading, mine development & operations, agro and CGD. This focused approach will drive next level of value creation and would accelerate the business growth, Adani said.

Mr Ameet Desai, CFO of Adani Group and Executive Director, Adani Enterprises said that the company's financial performance reflects the improved margins in its coal trading, mine development and operations and agro business. With progressive policy measures by the government, Adani Enterprises is better placed to tap the growth potential in domestic mining and renewable energy space, Desai said.

Adani Enterprises is a diversified company. The company is engaged in the business of coal trading, coal mining, renewable energy among others.

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