Adani Enterprises Q1 profit up 7-fold to Rs 570 cr

Adani Enterprises on Thursday reported over sevenfold jump in consolidated net profit to Rs 570.14 crore for the quarter ended June 30, 2019 on the back of higher income.

The Gautam Adani group company had clocked a profit of Rs 80.14 crore in the year-ago period, Adani Enterprises said in a BSE filing.

The company in a statement said the net profit attributable to owners for June quarter 2019-20 increased to Rs 601 crore as against Rs 169 crore in the same period of 2018-19.

This includes one-time income of Rs 328 crore recognized in the company's MDO (Mine Development and Operations) business.

Total income grew 39 per cent during the quarter under review to Rs 10,685.86 crore from Rs 7,664.20 crore in the year-ago period.

Total expenses also rose to Rs 10,243.74 crore compared to Rs 7,739.04 crore a year earlier.

"Adani Enterprises continues to make significant strides in lining up the next set of businesses that included airport management, data centre parks, roads, water infrastructure and defense and aerospace.

"Its business portfolio has never been such stronger and each of these businesses led by focus on growth markets with offerings in the right product segments and compelling value proposition," said Gautam Adani, Chairman Adani Group.

The company said in MDO business at Parsa Kente coal mines in Chhattisgarh, it has supplied washed coal of 2.39 million tonne (MT) to RRVUNL in June quarter 2019 as compared to 2.15 MT in the year-ago period, showing an increase of 11 per cent.

About solar manufacturing, it said 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, the company said adding volumes in the latest June quarter increased nearly threefold to 236 MW modules as compared to the year-ago period.

About the agro business, it said the company has maintained the leadership position with its Fortune brand and continues to lead the refined edible oil market with more than 20 per cent market share.

Adani Enterprises is the flagship company of Adani Group with a diversified business portfolio comprising integrated coal management and coal mining, solar modules manufacturing as well as edible oil business.