Ahmedabad: Adani Enterprises Ltd, the flagship of the Adani Group, said on Thursday consolidated net profit for the first quarter fell 29% to ₹ 403 crore from a year earlier.
Revenue rose by 15% to ₹ 11,036 crore.
“The quarterly performance is adversely affected by power sectoral issues which are beyond our control such as short fall against linkage of domestic coal, high prices of imported coal and limited availability of transmission line,” chairman Gautam Adani said. “We are working with the concerned authorities to arrive at a solution and are confident that our power business shall generate the envisaged return shortly, creating value for its stakeholders.”
“We have achieved the highest volume in all our businesses and continue to be market leaders in our coal trading, power generation and port business,” said Devang Desai, chief financial officer of Adani Group and executive director at Adani Enterprises. “We expect the overall performance from our businesses to improve substantially as the recent investment in power, port and mining start generating returns.”
