Adani Enterprises, the flagship firm of Adani Group, today reported a 60 per cent jump in its consolidated net profit to Rs 221 crore for the fourth quarter ended March on the back of higher contribution from coal trading. The Gautam Adani-led firm had clocked a net profit of Rs 138 crore in the year-ago quarter. “The PAT for Q4 FY17 is Rs 221 crore. The company has enhanced its financial performance on comparable basis on account of higher contribution from coal trading and MDO (Mine Developer and Operator) as well as commencement of generation from the renew-ables businesses,” the company said in a statement.
The company said its income from operations for the quarter increased by 50 per cent to Rs 12,195 crore as against Rs 8,151 crore for the corresponding period in the previous year. “The EBIDTA for the quarter increased by 53 per cent to Rs 999 crore,” it said.
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For the entire year, the company said it recorded a net profit of Rs 988 crore as against Rs 1,010 crore in financial year 2015-16. Its consolidated income from operations increased by 10 per cent to Rs 37,314 crore during the year as against Rs 34,008 crore in the previous fiscal.
Adani Group Chairman Gautam Adani said, “We at Adani Enterprises focus on sectors of national interest paying attention to renewable energy, mining and agro infrastructure business that is critical for the country. The government’s initiatives to enhance economic reforms in the country are highly encouraging.”
He said the company remains focused on executing its strategy and increasing momentum of businesses across the key sectors for long term, sustainable growth.
“We remain committed to play an enhanced role in Nation Building across various geographies,” he added.
Group CFO Adani Group, Rajiv Nayar said, “Adani Enterprises has registered improved financial performance on the back of its strong operational performance across key segments. Our continued focus on infrastructure, energy and agro sectors is expected to continue to drive our performance.”
On the renewable energy business, the statement stated, “The company commissioned a 100 MW solar power project in Punjab, which is the largest project in India with single axis tracking technology. It also commissioned a 48 MW wind power project in Gujarat. With this, it now has operationalised renewable projects of 808 MW with a further pipeline of 1,264 MW of projects under various stages of implementation across the country.”
On City Gas Distribution front, it said, the company provides compressed natural gas for automobiles in four cities – Ahmedabad, Vadodara, Faridabad and Khurja.
“The company envisages future growth through a 50:50 joint venture with Indian Oil Corporation which has been awarded the city gas project in cities – Allahabad, Chandigarh, Ernakulum, Daman, Panipat, Udham Singh nagar and Dharwad. Operations have started in Chandigarh and Allahabad and are at various stages of implementation in other cities,” it said.
In agro storage business, the company has entered into service agreement with the Food Corporation of India and Madhya Pradesh Warehousing and Logistics Corporation for bulk food grains handling, storage and transportation. The total storage capacity of 8.5 lac MT food grain is spread across 13 locations.
The Adani Group is one of India’s leading business houses with revenue of over USD 12 billion.
Shares of the company closed 0.35 per cent higher at Rs 113.55 apiece on BSE today.