Adani Enterprises Q3 net profit up 2.17 pc at Rs 416.11 cr

The flagship company of the Adani group had reported a net profit of Rs 407.28 crore during the same quarter of the previous fiscal.

Net sales of the company were up 51 per cent to Rs 13,610.29 crore during the quarter vis-a-vis Rs 9,014.73 crore of the October-December period of FY'12, it said in a filing to the BSE.

However, company's total expenses, at Rs 12,373.88 crore during the Q3, accounted for nearly 91 per cent of its net sales.

Besides, its finance cost also increased by 50.84 per cent to Rs 1,068.37 crore in the quarter, thereby squeezing the profit growth.

On a standalone basis, Adani's net profit during the quarter was down by over 40 per cent to Rs 29.85 crore.

However, its standalone income went up by nearly 175 per cent to Rs 3,301 crore.

"Our overall performance is expected to improve substantially as the additional capacities get operational and the much awaited power sector measures are implemented," Adani group chairman Gautam Adani said in a separate statement.

Adani Group CFO Devang Desai said: "Our overall performance has been good with substantial contribution from coal trading and ports which have offset the continuing downward pressure from the power business."

During the quarter, the company also secured 'Consent to Operate' for Parsa Kente coal block in Chhattisgarh

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