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Easing of finances and enhanced operational efficiencies have helped Adani Enterprises Ltd (AEL) to post a consolidated net profit of Rs 210.29 crore for the quarter ended September 30, 2014 as against a net loss of Rs 416.95 crore for the corresponding period last year.
The $9.4 billion (Rs 57,800 crore roughly) Adani Group's flagship company also posted a 1.82% growth in its consolidated total income at Rs 14265.72 crore for Q2 of FY '15 as compared to Rs 14009.63 crore of Q2 of FY '14.
On standalone basis, while the company posted a net profit of Rs 212.28 crore for second quarter of fiscal 2014-15 as compared to net loss of Rs 102.25 crore for corresponding period last fiscal, the total standalone income grew by 6.19% at Rs 3785.20 crore as against Rs 3564.49 for the said periods.
According to Ameet Desai, Group Chief Financial Officer, Adani Group, the company expects to build on the recent financial performance. "Our results are testimony of the intrinsic strength of our integrated business model with substantial contribution from Coal trading, Ports & Logistics and Power businesses. With the measures for easing financing to the infrastructure projects coupled with enhanced operational efficiencies, we expect further boost to our financial performance," Desai said in an official communique by AEL.
Commenting on the results, Mr Gautam Adani, Chairman Adani Group, said, "The policy measures announced by the new Government to address the structural issues impacting infrastructure and energy sectors will revive investment in the sectors. We remain committed to our investment programme across Resources, Logistics and Energy verticals to cater to the increasing demand in the country."
In terms of its various business segments, AEL's Hazira, Dahej and Mundra ports saw growth of 65%, 30% and 15%, respectively in cargo handling for the half year ended September 30, 2014 (H1 FY'15). The project execution of Tuna Tekra Bulk Terminal at Kandla and Ennore Container Terminal are progressing well.
Among its other business segments, the group achieved thermal power generation capacity of 9,240 MW through Adani Power.
"In order to consolidate transmission line business across the group under one entity, the meeting of Board of Directors has approved the proposal to divest the company's holding of 70.75 crores equity shares in Maharashtra Eastern Grid Power Transmission Co. Ltd (MEGPTCL) to Adani Transmission Ltd., a wholly owned subsidiary of Adani Enterprises Ltd. at a price to be determined on the basis of independent valuation report subject to requisite approvals, if any," Adani Group announced in an official statement.
