New Delhi: Adani Enterprises Ltd, the flagship firm of the Adani Group on Monday said consolidated net profit plunged by 44% to 196 crore on a comparable basis for the quarter ended 31 December, on lower income. The firm had clocked a net profit of 349 crore in the October-December 2014 period, it said.

“The consolidated income from operations for quarter is 10,408 crore as against 12,564 crore in the corresponding period last year. The consolidated Earnings before interest, taxes, depreciation and amortization (Ebidta) is 654 crore as against 802 crore in the corresponding period last year," the Ahmedabad-based firm said in a statement.

The company said the “quarter and nine months figures are not comparable with the corresponding period, consequent to demerger of ports, power and transmission businesses effective from 1 April 2015." As per the company’s BSE filing, the consolidated profit stood at 195.79 crore during the quarter ended 31 December, as against 443.85 crore in the year-ago period. The total consolidated income of the company stood at 10,408.48 crore in the October-December quarter this fiscal from 17,849.84 crore in the same quarter of 2014-15.

Gautam Adani, chairman, Adani Group said, “The recent developments in the company’s business mix will go a long way in addressing energy sufficiency of the country and strengthen overall socio-economic status. With our innovative business models and services, we remain committed to build industry leading businesses for long term sustainable growth." Group CFO and executive director, Adani Enterprises, Ameet Desai said the company’s mine development and operations (MDO) and agri businesses showcased robust growth during the nine months and coal trading recorded volume growth in the challenging time. “Further, implementation of our growing portfolio of world-class strategic assets would provide impetus to growth momentum," he said.

About MDO, the company said it has stabilized mining operations at the Parsa Kente coal block and is progressively ramping up coal production. It extracted and supplied washed coal totalling 3.7 million tonnes (MT) to RRVUNL during the nine months of the fiscal compared with 2.1 mt in 9MFY15. The company said it is ramping up coal production and is well placed to tap the growth opportunities in domestic coal mining space.

On coal trading, the company claimed to be the largest procurer of thermal coal in the country and said it has registered coal trading volume of 58.7 mt in 9MFY16. It said as India’s primary power generating capacity is still coal based, the country is expected to remain dependent on imported thermal coal to bridge the demand-supply gap in future.

On the renewable energy front, the implementation at 648 MW solar power project in Tamil Nadu is progressing on schedule. Further, the company is developing 100 MW in Uttar Pradesh, 100 MW solar power projects in Punjab and 50 MW in Andhra Pradesh.

In the solar manufacturing business, the implementation for photo-voltaic cell and module production facility at Mundra is at an early stage, the statement said. At city gas distribution business, the operations are running well with a strengthen base of customers across four cities in Gujarat, Haryana and Uttar Pradesh. Further, the project implementation work at seven cities under the joint venture with Indian Oil Corp. Ltd is progressing as per the schedule.

It said that in the agri segment, the company continues to dominate the refined edible oil market and maintained its leadership position. It registered healthy volume growth and performance is majorly driven by oil segment primarily from soya, sunflower and rice bran, it said. Continuing with its thrust on new product launches, the company has given more focus on rice, nuggets, gram flour and pulses in packed branded segment. About the agro storage business, it said it has completed project execution at all the six locations in Madhya Pradesh and received commercial operation date (COD). The project for grain storage silos is on the design-build-finance-operate-transfer (DBFOT) model for 30 years concession with storage facility of three lakh tonnes.

On overseas mining, it said coal mining operations at the Indonesian Coal Mine are progressing well and the company extracted 4.0 mt of coal in 9MFY16. “At the Australian Coal Mine, post approval from Federal environment minister, the company is awaiting for the mining lease and environmental authority," it added. The Adani Group is one of leading business houses in the country with revenue of over $10 billion. It has businesses in key industry verticals, resources, logistics, energy and agro. Adani is developing and operating mines in India, Indonesia and Australia as well as importing and trading coal from many other countries.

Currently, it is the largest coal importers in India. Adani owns and operates seven ports and terminals—Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Orissa, Mormugao in Goa and Visakhapatnam in Andhra Pradesh. Adani Power is the largest private thermal power producer in India with an installed capacity of 10,480 MW. Adani Transmission is one of the largest private sector transmission companies in India with over 5,000 circuit km of transmission lines across Western, northern and central regions of India.

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