Adani Enterprises Q2 net down 42% to Rs 320.21 cr
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Adani Enterprises Q2 net down 42% to Rs 320.21 cr

Last Updated: Tuesday, October 30, 2012, 10:16
 
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Adani Enterprises Q2 net down 42% to Rs 320.21 cr
Mumbai: Adani Enterprises Thursday reported 42 percent decline in consolidated net profit at Rs 320.21 crore for the quarter ended September 30, 2012, due to muted sales and increased tax outgo.

The flagship firm of Adani group had reported net profit of Rs 552.68 crore in the same quarter last fiscal.

Net sales of the company were marginally up by 1.82 percent to Rs 10,261.85 crore during the quarter, vis-a-vis Rs 10,078.73 crore of the July-September quarter of FY'12, Adani said in a filing to the BSE.

The company's total expenditure increased by over 4 percent to Rs 9,361.09 crore in the quarter, from Rs 8,977.66 crore of Q2 of 2011-12. This includes over 89 percent rise in its depreciation, amortisation and impairment charges, which stood at Rs 500.84 crore.

Besides, Adani Enterprises' tax outgo increased about 2.5 times to Rs 282.74 crore during the quarter, vis-a-vis Rs 113.6 crore of July-September of FY'12, while its finance costs were up over 10 percent to Rs 509.85 crore.

The company also reported forex gains of Rs 129.88 crore in the last quarter due to appreciation in rupee.

However, trading business of Adani -- its mainstay -- was down over 16 percent to Rs 4,083.33 crore and was the single largest factor the muted revenue growth, as per the filing.

"Our Power Generation business is presently undergoing stress due to high prices of imported coal, shortfall against linkages of domestic coal and limited availability of transmission lines," Adani group chairman Gautam Adani said in a statement.

"We are fully committed in resolving these issues and expect Power Generation business to reap scale and integration benefits and be a large value contributor," he said
The company also said it will increase its shareholding in Adani Power, a subsidiary company listed on the stock exchanges, up to 75 percent and the proposal has been approved by Board Thursday.

"Given its long term commitments to Power business, the Board of Adani Enterprises Ltd has approved, in principle, the proposal to allow additional investment in Adani Power Ltd.

"So as to enhance the total promoters? shareholding up to 75 percent from about 68 percent (post amalgamation), subject to the necessary formalities by Adani Power Ltd and in compliance with applicable SEBI regulations," Adani Enterprises said.

Besides, it also expects to expand the power generation capacity of Adani Power to nearly 10000 MW by March next year from the current levels of 4660 MW.

Adani Enterprises scrip was trading at Rs 220.80 apiece on the BSE at 1400 hours, down 1.16 percent from the previous close.

PTI



First Published: Thursday, October 25, 2012, 15:51


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