Adani Enterprises Q4 profit rises 47% as coal mining volumes surge1 min read . Updated: 29 May 2019, 08:51 PM IST
- During the quarter, Adani took an impairment of non-current assets of ₹670.80 crore
- For the quarter, consolidated EBIDTA stood at ₹943 crores vs ₹994 crores in Q4 FY18
MUMBAI : Adani Enterprises, the diversified flagship company of the Gautam Adani group with interests in coal mining, solar module manufacturing and edible oil business, reported consolidated net profit of ₹266 crore, up 47% from the ₹181.17 crore it reported in year-ago period, backed by a massive increase in coal mining volumes. Revenue for the quarter was ₹13,236.62 crore, up 36% from ₹9766 crore from the year-ago period.
During the quarter, Adani took an impairment of non-current assets of ₹670.80 crore due to continuous delay in regulatory approval process and various legal challenges in two businesses – coal mining and renewables –in Australia, the company said in the exchange filing.
For the quarter, consolidated EBIDTA stood at ₹943 crores vs Rs. 994 crores in Q4 FY 18. For the full year, net profit rose ₹505.91 crore, down 15% year-on-year from ₹594.20 crore in FY18.
During the quarter, AEL divested its investment in its agri-logistics and thermal energy entities in order to consolidate operations, following which it recognised a net gain of ₹510.26 crores in consolidated results. The gain is recognised after adjusting impairment of noncurrent assets of ₹464.63 crores in energy business entities as per independent valuation reports, the company said. Earlier in the year, AEL’s renewable generation and city gas generation businesses have been demerged.
Coal mine and development operation volumes increased by 90% to 3.68 million tonnes (mt) as against 1.94 mt in Q4 FY 18 while coal management volume increased by 53% to 24.68 mt vs 16.13 mt in Q4 FY 18. Solar manufacturing volumes rose 29% to 260 MW as against 202 MW in Q4 FY 18.