Adani Enterprises Q3 net plunges 44% to Rs 196 crore

Adani Enterprises, the flagship firm of Adani Group today said consolidated net profit plunged by 44% to Rs 196 crore on a comparable basis for the quarter ended December 31, on lower income.

The firm had clocked a net profit of Rs 349 crore in the October-December 2014 period, it said.

"The consolidated income from operations for quarter is Rs 10,408 crore as against Rs 12,564 crore in the corresponding period last year. The consolidated EBIDTA is Rs 654 crore as against Rs 802 crore in the corresponding period last year," the Ahmedabad-based firm said in a statement.

The company said the "quarter and nine months figures are not comparable with the corresponding period, consequent to demerger of Ports, Power and Transmission businesses effective from 1st April 2015."

As per the company's BSE filing, the consolidated profit stood at Rs 195.79 crore during the quarter ended December 31, as against Rs 443.85 crore in the year-ago period.

Total consolidated income of the company stood at Rs 10,408.48 crore in the October-December quarter this fiscal from Rs 17,849.84 crore in the same quarter of 2014-15.

Gautam Adani Chairman Adani Group said: "The recent developments in the company's business mix will go a long way in addressing energy sufficiency of the country and strengthen overall socio-economic status. With our innovative business models and services, we remain committed to build industry leading businesses for long term sustainable growth."

Group CFO and Executive Director, Adani Enterprises, Ameet Desai said the company's mine development and operations (MDO) and agri businesses showcased robust growth during the nine months and coal trading recorded volume growth in the challenging time.

"Further, implementation of our growing portfolio of world-class strategic assets would provide impetus to growth momentum," he said.

About MDO, the company said it has stabilised mining operations at Parsa Kente coal block and is progressively ramping up coal production.

It extracted and supplied washed coal totalling 3.7 million tonnes (MT) to RRVUNL during the nine months of the fiscal compared with 2.1 MT in 9MFY15. The company said it is ramping up coal production and is well placed to tap the growth opportunities in domestic coal mining space.

On coal trading, the company claimed to be the largest procurer of thermal coal in the country and said it has registered coal trading volume of 58.7 MT in FY16.

It said as India's primary power generating capacity is still coal based, the country is expected to remain dependent on imported thermal coal to bridge the demand-supply gap in future.

On Renewable Energy front, the implementation at 648 Mw solar power project in Tamil Nadu is progressing on schedule. Further, the company is developing 100 Mw in Uttar Pradesh, 100 Mw solar power projects in Punjab and 50 Mw in Andhra Pradesh.