Adani Enterprises Q3 profit rises 3% to Rs350.55 crore, shares fall nearly 5%
Adani Enterprises reports a 3.11% increase in consolidated net profit to Rs350.55 crore for the third quarter ended 31 December as against Rs339.95 crore a year ago
New Delhi: Adani Enterprises Ltd on Thursday reported a 3.11% increase in consolidated net profit to Rs350.55 crore for the third quarter ended 31 December 2017, compared to a net profit of Rs339.95 crore a year ago.
“The consolidated Income from operations for the quarter is Rs9,938 crore vs Rs8,606 crore for the corresponding period in the previous year. The EBIDTA for the quarter is Rs1,048 crore vs Rs705 crore in Q3 FY’17,” Adani Enterprises said in a statement.
Its consolidated total expenses increased to Rs9,780.53 crore during the quarter under review as against Rs8,604.47 crore a year ago.
The company’s shares closed 4.75% lower at Rs194.70 on BSE, while the Sensex ended 0.51% up at 35,260.29 points. In intraday trade, the stock fell as much as 7.63% to Rs188.80.
Adani group chairman Gautam Adani said the company focused on “incubating diverse nation-critical businesses to address the country’s growing appetite for energy, food and infrastructure”. He said the company remains committed to its investment plans in resources, energy, food and logistics.
“Our quarterly performance was satisfactory as we maintained steady earnings growth trajectory. Government’s focus on increasing consumption coupled with improving utilisation and cost optimisation would enhance the company’s performance leading to value creation for all stakeholders,” said Rajiv Nayar, group CFO.
The company said its coal trading volumes were lower by 2% to 16.4 million tonnes (MT) vs 16.7 MT in Q3 FY17. About coal mine development and operations (MDO), the company said its Parsa Kente coal mines in Chattisgarh has supplied washed coal of 1.75 MT to RRVUNL in Q3 FY 18 as compared to 1.92 MT in Q3 FY 17.
It said it has operationalised renewable projects of 1648 MW with a further pipeline of 550 MW of projects under various stages of implementation across the country. The Company has generated 364 MU Kwh in the third quarter of 2017-18, as compared to 145 MU Kwh a year ago as projects became operational.
On city gas distribution, it said it envisages future growth through Joint Venture which has been awarded the city gas project in cities - Ernakulum, Panipat, Udham Singh Nagar, Dharwad, South Goa and Bulandshahr.
About agro, it said in edible oil business, the company has maintained its leadership position with its “Fortune” brand and continues to lead the refined edible oil market with 21% market share. In agro storage business, the company has operationalised storage facility with capacity of 25K MT at Kotkapura. Project implementation is going as per schedule for the recently won 6 projects from Punjab government with a capacity of 3 lakh MT. Commissioning of all the projects is expected in Mar 19.
The Adani Group is one of India’s leading business houses with aggregate revenue of over $12 billion.
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