Adani Enterprises Ltd (AEL)'s consolidated profit before tax (PBT) for the quarter ended December 31, 2019 grew by 317.80 per cent to stand at Rs 440.16 crore. As against this, the company's consolidated PBT in Q3 of previous fiscal 2018-19 was Rs 105.35 crore.
Consolidated total revenue for AEL in Q3 of FY'20 grew marginally by 4.99 per cent to Rs 11075.32 crore with contributions from its integrated coal management (ICM), mining services and solar manufacturing businesses, among others. The company's consolidated total revenue in the third quarter of previous fiscal was Rs 10548.14 crore.
In the third quarter, AEL's ICM volume grew by 24 per cent in Q3 of FY'20 to stand at 20.42 million metric tonnes (mmt) as against 16.41 mmt in Q3 of FY'19 while its mining services production rose by 28 per cent to 4.77 mmt, up from 3.74 mmt in Q3 of FY'19. Its solar manufacturing volume, on the other hand, doubled from 140 Mw in Q3 of FY'19 to 283 Mw in Q3 of FY'20.
In AEL's mining services business, production volume at Parsa Kente coal mine in Chhattisgarh increased by 26 per cent to 4.71 mmt vs 3.74 mmt in Q3 FY 19 while coal production at its Gare Pelma III mine in Chhattisgarh commenced with volume of 0.06 mmt, taking the total to 4.77 mmt.
Commenting on the results, group chairman Gautam Adani said that the company continues to focus on incubating assets in transportation and utilities space. "These new India-centric businesses will be instrumental in the economic growth of the country, at the same time it will endorse our work and take the benefits to masses," he added.
In the newer businesses, AEL signed three concession agreements with NHAI under hybrid annuity model to date for construction of roads aggregating to over 150 kilometres with a project completion status of 30 per cent in Bilaspur-Pathrapali project at Chhattisgarh.
AEL stated that the company had won bids for six airports at Ahmedabad, Mangaluru, Lucknow, Trivandrum, Jaipur and Guwahati, out of which cabinet approval and security clearances have also been received for Ahmedabad, Mangaluru and Lucknow.
Meanwhile, in AEL's food business, the company has maintained its leadership position with its “Fortune” brand and continues to lead the refined edible oil market with more than 20 per cent market share.