New Delhi: Adani Enterprises, the flagship company of the Adani Group, today reported a 43 percent surge in its consolidated net profit at Rs 380 crore for the quarter ended 30 June.
The Ahmedabad-based firm's adjusted net profit stood at Rs 265 crore in the year-ago period, it said in a BSE filing.
For the April-June 2015 quarter, consolidated revenue fell by 9 percent to Rs 11,275 crore from an adjusted 12,429 crore in the same quarter of 2014-15 fiscal, it added.
On consolidated basis, Gautam Adani-led firm had a net profit of Rs 556.74 crore and revenue Rs 16,524 crore during the June quarter last year.
The company said it is awaiting reconsideration on its $16.5 billion Carmichael coal mine project in Australia.
In a statement it said: "At the Carmichael Coal Mine, the company is continuing to select its key partners for the project development and finalise key contracts and awaits reconsideration of the decision by the Federal Environment Minister."
Approval for the Carmichael Project was set aside last week after the Federal Court ruled Environment Minister Greg Hunt had not properly considered advice about two threatened species -– the yakka skink and the ornamental snake.
Commenting on the performance, Adani Group chairman Gautam Adani said: "Post demerger, Adani Enterprises continue to focus on renewable energy, coal trading, mine development & operations, agro and CGD."
This focused approach will drive the next level of value creation and would accelerate the business growth. The firm has embarked upon renewable energy space in line with the national objective, he added.
Reacting to the results, Adani Enterprises shares rose 1.59 percent to settle at Rs 92.75 apiece on BSE.
Adani Group CFO Ameet Desai said: "Our financial performance reflects the improved margins in our coal trading, mine development & operations and agro business."
With progressive policy measures by the government, the firm believes it is better placed to tap the growth potential in domestic mining and renewable energy space, Desai, who is also Executive Director at Adani Enterprises, added.
"All the business verticals viz. coal trading, MDO, agro and city gas distribution businesses continue to grow," the firm said.
The firm provides end-to-end procurement and logistics services to its customers. The major coal sourcing is from suppliers in Indonesia, South Africa and other locations and supplies it to various customers in India. Adani Enterprises clocked coal trading volume of 18.3 million tonnes (MT) in Q1 of 2015-16.
In Mine Development and Operations (MDO) business, it has 3 coal blocks -- Parsa Kente, Parsa and Kente Ext Parsa Kente coal block was the first MDO to be operationalise in India.
The company is steadily ramping up coal production and extracted raw coal of 1.13 MT, washed coal production of 0.98 MT and washed coal dispatch to RRVUNL is 0.96 MT in the June quarter.
Adani Enterprises through a SPV has signed MoU with Tamil Nadu Generation and Distribution Corporation Ltd (TANGEDCO) for setting up 648 MW solar power units. Through a SPV it has also signed 50:50 JV with Rajasthan government to develop 10 GW of solar park.
Adani Gas has operational city gas distribution (CGD) network across Ahmedabad, Vadodara, Faridabad and Khurja.
Under joint venture, it has been awarded authorisations for setting up a CGD network in Allahabad, Chandigarh, Ernakulum, Daman, Panipat, Udham Singh Nagar and Dharwad. The projects are at various stages of implementation, it said.
In agro segment, Adani Enterprises' performance is driven majorly by better sales realisation with lower sourcing cost.
"Continuing with thrust on new product launches, the company continues to focus on packed branded segment. Fortune Refined Oil continued to dominate the market and maintain its leading position," it added.
In agro storage business, the company is setting up grain storage silos for Madhya Pradesh Warehousing and Logistics Corporation (MPWLC) on DBFOT model for 30 years concession at six locations in Madhya Pradesh.
It has completed projects at three locations and the implementation work at remaining three locations is progressing well, the company said.
At coal mining business in Indonesia, the firm extracted 1.1 MT of coal in the June quarter. It expects to do about 5 MT of coal mining in the 2015-16 fiscal.
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Updated Date: Aug 11, 2015 23:11:02 IST