Adani Enterprises fourth quarter profit rises 60% to Rs221 crore
Adani Enterprises attributed its stellar fourth quarter results to higher contribution from coal trading and mining operations and increase in power generation from renewables business
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Ahmedabad: Adani Enterprises Ltd said its fiscal fourth quarter profit rose 60% to Rs221 crore from a year earlier.
The company posted a profit of Rs138 crore in the year-earlier quarter.
Income from operations rose 50% to Rs12,195 crore in the year ended 31 March from Rs8,151 crore a year earlier, the company said in a statement on Wednesday.
The company attributed its financial performance to higher contribution from coal trading and mining development and operations as well as increase in power generation from the renewables business.
Adani Enterprises improved its financial performance on the back of strong operational performance across key segments, Rajiv Nayar, group chief financial officer, said in the statement.
In a separate filing to BSE, Adani Enterprises said it had deferred its investment decision in a coal mining project in Australia.
Adani Enterprises has plans to build one of the world’s largest coal mines in Queensland in Australia where it has already invested close to $3 billion.
The $16.5 billion Carmichael coal mine project, announced in 2010, faced resistance from environmentalists, which resulted in a delay of at least three years. Having cleared legal hurdles, the group expects to complete the first phase of the project by 2020-21, to produce 25 million tonnes of coal annually.
On Wednesday, shares of Adani Enterprises rose 0.35% to Rs113.55 on BSE, while the exchange’s benchmark Sensex fell 0.21% to 30,301.64 points.