(Photo: Mint)
(Photo: Mint)

Adani Enterprises Q1 profit surges 611% to 570 crore

  • The Gautam Adani group company had clocked a profit of 80.14 crore in the year-ago period
  • Total income grew 39% to 10,685.86 crore during the quarter, from 7,664.20 crore in the year-ago period

NEW DELHI: New Delhi: Adani Enterprises Ltd (AEL), the mining and infrastructure arm of the Adani group, will make an upfront investment of 3,600 crore in the three airports that the company won earlier this year through the bidding process. AEL was awarded the Ahmedabad, Lucknow and Mangaluru airports, while it emerged the highest bidder for Jaipur, Guwahati and Thiruvananthapuram as well.

The company expects to take over operations of the first three airports by April 2020.

Jugeshinder Singh, CFO, AEL, said during a conference call to discuss the company’s first-quarter earnings that the airports business will entail investment of 10,000 crore. Besides this, the company has committed a capital expenditure of 10,000 crore in its primary coal mining business in the current financial year. The company will also invest 70,000 crore in building its maiden data centre at Visakhapatnam, although there were no further details on when this will begin.

During the April-June 2019 quarter, AEL reported a net profit of 570.14 crore, rising 611%, rising from 80.14 crore in the year-ago period, boosted by a one-time gain of 328 crore in its MDO business (mine developer and operator). During the quarter, coal mining volumes increased by 61% to 18.51 million tonnes (mt), while solar manufacturing volume increased to 236 MW, against 81 MW in the same quarter last year.

The consolidated total income for the quarter increased 39% to 10,686 crore, against Rs. 7,664 crore in the year-ago period. EBIDTA for the quarter increased 85% to 896 crores, from 484 crore in Q1 FY19.

This story has been published from a wire agency feed without modifications to the text.

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