New Delhi: Adani Enterprises, part of the Adani Group, on Thursday reported a 17% decline in consolidated profit to Rs181.17 crore for the quarter ended March of 2017-18 on the back of lower income.
The company had posted a consolidated profit of Rs218.80 crore in the corresponding quarter of the previous fiscal, Adani Enterprises said in a BSE filing.
The consolidated income of the company during the quarter under review declined to Rs10,577.21 crore, over Rs11,997.91 crore in the year-ago period. The consolidated total expenses of the company also dropped to Rs10,094.77 crore, over Rs11,565.98 crore in the year-ago period.
In a press statement, the company said that “the PAT attributable to owners for the fourth quarter of 2017-18 is Rs188 crore vs Rs221 crore in the corresponding quarter of 2016-17."
The company said that it has maintained its financial performance on comparable basis. “Our portfolio of assorted businesses continues to achieve record performance in term of execution and scale. The growing domestic economy coupled with improved infrastructure spending and regulatory environment provides opportunities to further scale-up these businesses and enhance shareholder value in ensuing years," Adani Group chairman Gautam Adani said.
The consolidated income from operations during the quarter declined to Rs10,234 crore, over Rs11,837 crore in the corresponding period of the previous year.
The company said that its coal trading volume was lower by 24.7% at 16.1 million metric tonnes (MMT) in the period under review over 21.4 MMT in the fourth quarter of the previous fiscal.
Adani Enterprises said that its board has re-appointed Gautam S Adani as the executive chairman of the company for a further period of five years w.e.f. 1 December 2018 subject to the approval of members and such other nods as may be required as the present term expires on 30 November 2018.
The board has also recommended enabling resolutions for seeking the nod of the shareholders at the ensuing annual general meeting to raise funds up to Rs5,000 crore by issue of equity shares/convertible bonds through QIP, among others.
Adani Group is country’s leading integrated infrastructure conglomerate with interests in resources (coal mining and trading), logistics (ports, logistics, shipping and rail) and energy (renewable and thermal power generation, transmission and distribution) among others.
Headquartered in Ahmedabad, the $12-billion group has operations across the world. The shares of the company today closed at Rs126.70 a piece on BSE, down 1.90% from the previous close.