Adani Enterprises' Q3 profit up six-fold to Rs 443.85 cr

Adani Enterprises Ltd (AEL) Friday reported over six-fold increase in its consolidated net profit at Rs 443.85 crore for the quarter ended December 31, 2014 on the back of higher contribution from coal, ports and power businesses.

New Delhi: Adani Enterprises Ltd (AEL) Friday reported over six-fold increase in its consolidated net profit at Rs 443.85 crore for the quarter ended December 31, 2014 on the back of higher contribution from coal, ports and power businesses.

The company's net profit in the corresponding quarter of the last fiscal was Rs 68.20 crore, Adani Enterprises said in a filing to BSE.

"Overall performance has improved due to higher contribution from coal, ports and logistics and power businesses," Ameet Desai, CFO of Adani Group, said in a statement.

Total income from operations went up to Rs 17,849.84 crore from Rs 13,739.11 crore in the corresponding period of FY 2014.

Coal trading volume grew by 61.9 percent to 17 million tonnes (MT) in the period under review from 10.5 MT in the corresponding quarter of previous fiscal.

Ports cargo volume grew by 34.4 percent to 39 MT in the third quarter compared to 29 MT in same period of the previous fiscal.

Power sales volume increased to 14.7 billion units (BUs) in October-December quarter in comparison to 11.2 BUs in the corresponding period of previous fiscal.

The company said that its port, power and coal businesses continue to grow on a steady basis and it is actively investing in the changing Indian scenario.

Recently, it had signed an MoU with SunEdison Inc to jointly invest USD 4 billion in setting up the country's largest integrated solar photovoltaic manufacturing facility in Mundra, Gujarat.

The company further said that it has also signed an MoU with Australian energy major Woodside Energy for exploring business opportunities across a broad spectrum in the oil and gas sector in the country.

Meanwhile, in a major recast of operations, Adani group also announced consolidation of its ports, power and mining assets into three separately listed firms and would list a new company for transmission business, while unlocking value worth over Rs 60,000 crore for shareholders

"The Scheme of Arrangement will simplify corporate structure and is a decisive step towards unlocking the potential value of the Adani Group Companies. The Scheme of Arrangement will drive next level of value creation, competency, decision making and would be able to accelerate the business growth," Adani Group Chairman Gautam Adani said in the statement.

"These developments and positive macro-economic environment reaffirm our commitment towards securing infrastructure and energy need of the country," he added.

On the standalone basis the company's net profit in the October-December quarter was Rs 120.75 crore. The company posted a net loss of Rs 42.74 crore in the corresponding quarter of last fiscal.

The shares of the company closed at Rs 629.50 a piece on BSE, up 7.79 percent from the previous close.

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