Adani Enterprises Ltd, the flagship company of Adani Group, has registered standalone net profit of Rs 141.95 crore for the quarter ended September 30, 2012, showing a growth of 208% from Rs 46 crore registered for the same period last year, a company filing said today.
The company has achieved total income of Rs 253.86 crore for the quarter under consideration from Rs 170.3 crore in the corresponding quarter last year, up by 49% on year-on-year basis.
On consolidated basis, the group's net profit stood at Rs 320.21 crore for second quarter of the current fiscal, showing a decline of 42% on year-on-year basis. Consolidated income was marginally up by 2.5% at Rs 10477 crore for the quarter against Rs 10214.4 crore last year.
"Our power generation business is presently undergoing stress due to high prices of imported coal, shortfall against linkages of domestic coal and limited availability of transmission lines. We are fully committed in resolving these issues and expect power generation business to reap scale and integration benefits and be a large value contributor," commented Gautam Adani, chairman Adani group in a statement issued after the company's board meeting on Thursday.
AEL shares traded negative on the Bombay Stock Exchange (BSE) during afternoon trades with loss of close to 0.5% at Rs 222.35.
AEL gets board nod to up stake in Adani Power
The board of directors of Adani Enterprises Limited has approved the proposal to allow additional investment in Adani Power by the promoters. AEL, which currently has around 68% stake in Adani Power Limited, will be able to increase its stake in the company at up to 75%.
"Given its long term commitments to power business, the board of Adani Enterprises Ltd has approved, in principle, the proposal to allow additional investment in Adani Power Ltd so as to enhance the total promoters' shareholding up to 75% from about 68% (post amalgamation), subject to compliance with applicable SEBI regulations," the company informed in a statement.
