Adani Enterprises spurts on winning coal block in Jharkhand

Adani Enterprises gained 2.35% to Rs 360 after the company on Saturday (7 November) won the rights for the Gondulpara coal mine in Jharkhand.

Adani Enterprises made a final offer of 20.75% revenue sharing for the Gondulpara coal mine, the coal ministry said. The mine will generate an annual revenue of Rs 520.92 crore and has a geological reserves of 176.33 million tonnes of coal, according to the ministry.

Adani Enterprises' net profit surged to Rs 362.37 crore in Q2 September 2020, compared with Rs 49.50 crore in Q2 September 2019. Revenue from operations stood at Rs 9,126.42 crore in Q2 September 2020, rising nearly 8% from Rs 8,464.19 crore in the same period last year. The result was announced during market hours on 4 November 2020.

Profit before tax stood at Rs 523.55 crore in Q2 FY21 as against a pre-tax loss of Rs 74.54 crore in the same period last year. Total tax expense was Rs 124.31 crore in Q2 FY21 as against tax rebate of Rs 32.38 crore in Q2 FY20. The EBIDTA for Q2 FY21 increased by healthy 76% year-on-year at Rs 951 crore, owing to better volumes in mining services and solar manufacturing businesses.

Adani Enterprises is the flagship company of Adani Group, one of India's largest business conglomerates.

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