Adani Enterprises sees profits jump to Rs 557 cr thanks to 43% rise in revenue
The company had posted a loss of Rs 278 crore in the corresponding quarter of the previous financial year, Adani Enterprises said.
New Delhi: Adani Enterprises, the flagshipcompany of the Adani Group, reported a profit after tax of Rs557 crore for the first quarter ended 30 June, 2014 on theback of a 43 per cent jump in revenue.
The company had posted a loss of Rs 278 crore in thecorresponding quarter of the previous financial year, Adani
Enterprises said in a statement.
"Our improved performance has set the direction of growthas we see greater contribution from completed projects in ourports, power and mining verticals," said Gautam Adani,Chairman of Adani Group.
Consolidated total income for the period increased by 43per cent to Rs 16,524 crore as compared to Rs 11,547 crore inthe same period last fiscal.
"With efforts from new government to address the concernsof fuel availability, rail infrastructure, transmission
constraints, project approvals and debottlenecking of miningsector, we see greater growth opportunities in the sectors weoperate," Adani said.
The company said in the statement that it expects toachieve thermal power generation capacity of 9,240 MW soon.
"The acquisition of the Dhamra port was also completed inthe quarter and it handled 4.20 MMT cargo during that period,a growth of 36 per cent over the corresponding quarter lastyear," the statement said.
The capacity expansion work is already in progress. Also,Dahej port volumes grew by 28 per cent and the Hazira portvolumes increased by 85 per cent on a year-on-year (YoY)basis," it added.
France-based CMA CGM Group has signed an agreement withAdani Ports and Special Economic Zone (APSEZ) for developmentof a new common user Container Terminal at Mundra Port.
"The JV with CMA CGM will result in an additionalcapacity of 1.4 million TEUs (Twenty-Foot Equivalent Unit) andthe terminal will be operational in the next 24 months, theconstruction work has already started," the statement said.
This will make Mundra the country's largest containerport with a total capacity of 5.5 million TEUs, the statement
Shares of Adani Enterprises, on Friday, closed at Rs453.90, down 1.87 per cent on the BSE.