Adani Enterprises Q2 net plunges 40% to Rs 299 cr

Adani Enterprises, the flagship firm of the Adani Group, today said consolidated net profit declined by 40 per cent on comparable basis to Rs 299 crore for the second quarter ended September 30.
The Ahmedabad-based firm had clocked a net profit of Rs 496 crore in the year-ago period, it said in a statement.
Total consolidated income, however, rose by 6 per cent to Rs 11,390 crore in July-September quarter from Rs 10,752 crore in the corresponding period last year, on a comparable basis.
"The consolidated income from operations for the quarter is Rs 11,390 crore as against Rs 10,752 crore in the corresponding period last year on comparable basis. The consolidated PAT for Q2 FY16 is Rs 299 crore as against Rs 496 crore in the corresponding period last year," it said.

The firm's shares settled 4.12 per cent lower at Rs 88.45 on BSE. However, the result was announced after market close.
As per the company's BSE filing, the consolidated profit stood at Rs 299 crore during the quarter ended September 30, as against Rs 210 crore in the year-ago period.

Total consolidated income of the company stood at Rs 11,390 crore in the July-September quarter this fiscal from Rs 14,047 crore in the same quarter of 2014-15.
The firm said the quarterly figures are not comparable with the corresponding period due to the demerger of Ports, Power and Transmission businesses effective from April 1.

Adani Group Chairman Gautam Adani said: "Robust economic growth and appropriate government initiatives would enhance market opportunities. Our strategic presence across the key sectors would create value for our stakeholders."
Adani Group CFO Ameet Desai said the firm's performance underscores its ability to optimally utilise assets across different segments.
"With implementation of new projects, operational excellence, we are building towards next level of business growth," he added.
In coal trading business, Adani Enterprises clocked coal trading volume of 39.5 million tonnes (MT) in the first half of 2015-16.
At Parsa Kente coal block in its Mine Development and Operations (MDO) business, the firm is ramping up production. It has extracted and supplied washed coal of 2.15 MT to RRVUNL in H1 2015-16 compared to 1.21 MT in H1 2014-15.

"At the Indonesian Coal Mine, the company extracted 2 MT of coal in H1FY16 and expects to extract about 5 MT of coal in the current fiscal year," it said.