Adani Enterprises' net profit declines 26%
New Delhi: Conglomerate Adani Enterprises Monday reported 26 percent decline in net profit at Rs 1,839 crore for the financial year ended March 31, 2012.
The consolidated profit after tax for financial year 2010-11 stood at Rs 2,476 crore, the company said in a statement Monday.
The consolidated net income of the company grew 49 percent at Rs 39,356 crore as against Rs 26,405 crore in the previous year (2010-11), the statement said.
Commenting on the results, Gautam Adani, Chairman Adani Group, said, "Adani Enterprises has pioneered a unique leadership initiative to transform itself into an integrated business player and to focus on three-core businesses of resources, logistics and energy...
"These three businesses are strong enough on their own and bring synergy for the stakeholders. The Adani Group would continue to build its strengths in these core sectors nationally and internationally."
"Going forward, in the coming year, we believe that many of the issues impacting the financial performance of the company will be resolved," Devang Desai, CFO Adani Group and Executive Director, Adani Enterprises, said.
In the power segment, it commissioned a thermal power plant with a capacity of 4,620 MW in Mundra and a solar power project of 40 MW at Kutch in Gujarat.
It is currently developing six power projects for generating 16,500 MW of power across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. The company aims to generate 20,000 MW by 2020.
Adani Ports & SEZ Ltd handled 77.75 million metric tonnes of cargo during financial year 2011-12. The company aims to achieve a total cargo capacity of 200 million metric tonnes by 2020.
Adani Enterprise, which acquired coal mine in Australia in 2010 is likely to start production in the next two years.