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Adani Enterprises Q4 net profit up 53% at Rs 473.78 cr

The company's standalone net sales stood at Rs 3,418.70 crore, but the total expenditure was at Rs 3,440.75 crore in the last quarter.

New Delhi: Adani Enterprises Monday reported 53 percent growth in consolidated net profit at Rs 473.78 crore for the fourth quarter ended March 31, largely due to some one-time gains made by the company.

The Adani group flagship had reported consolidated net profit of Rs 309.45 crore during Q4 of 2011-12 fiscal.

On standalone basis, Adani Enterprises plunged into net loss of Rs 73.61 crore in Q4, as against net profit of Rs 170.55 crore in the year-ago period, as its expenditure overshot net sales. The interest outgo increased by 156 percent to Rs 131.79 crore, it said in a filing on the BSE.

The company's standalone net sales stood at Rs 3,418.70 crore, but the total expenditure was at Rs 3,440.75 crore in the last quarter.

On consolidated basis, its Q4 net sales grew by a meagre 8.29 percent at Rs 11,472.12 crore vis-a-vis Rs 10,594.29 crore in Q4 of FY'12, Adani said in a filing to the BSE.

It said it had two one-time gains and a settlement during the quarter, resulting into a total gain of Rs 444.70 crore. This includes divestment of Abbot Point Terminal in Australia by Adani Ports and SEZ Ltd to company promoters, resulting into a gain of Rs 419.57 crore.

Besides, its other income, largely interest earned on deposits, rose by over 62 percent to about Rs 308 crore during the quarter.

The rise in other income and one time gain made by the company also negated the impact of 121 percent increase in Adani Enterprises' interest outgo at Rs 987.52 crore, and 82 percent rise in the tax payments at Rs 237.59 crore in the last quarter.

For the fiscal ended March, 2013, the company reported 12 percent decline in consolidated net profit at Rs 1,612.98 crore vis-a-vis Rs 1,839.21 crore of FY'12, largely due to over 91 percent increase in interest outgo at Rs 3,492.93 crore.

Its consolidated net sales during the last fiscal rose by 18 percent to Rs 46,368.85 crore.

In a separate statement, the company said that during the year, it started its MDO (Mine Development and Operations) business and begun coal production and delivery from Parsa Kante block in Chhattisgarh.

Adani group Chairman Gautam Adani said: "We have repeatedly demonstrated our excellence at seamless project execution and operational stabilisation among uncertainties. We will exhibit similar resilience in overcoming all challenges..."

The company said it recorded robust volumes across its
businesses during 2012-13 fiscal as it traded 46.5 million tonnes (MT) of coal and handled 90.7 MT of port cargo.

It also sold 20.8 billion units of power and will increase its generation capacity by nearly 75 percent to 9,240 MW, from the existing 5,320 MW this fiscal.

"During the year, our coal trading and ports and logistics businesses have shown excellent growth both in term of volumes and profitability. We expect better performance in the ensuing years from these businesses where we have established clear competitive edge," the company's CFO Devang Desai said.

He added that Adani's power business went through some trying times recently largely due to issues like coal availability, increased prices and constraints on power evacuation.

"With focused efforts, we expect an early resolution on these matters to revitalise the sector and ensure your company's leadership edge," Desai said.

The Ahmedabad-based company also said that it has completed the extensive coal mining exploration programme at the Carmichael mine in Australia and has established Joint Ore Reserves Committee's (JORC) standard resource of 10.2 billion in the Galilee Basin Tenement.

Adani group, which had acquired the Carmichael coal mine few years back, has already announced plans of starting production from the USD 10 billion project by 2015.

The company said that "the Environmental Impact Statement (EIS) and other approvals for the Carmichael Coal Mine and Rail Project are expected to come as per the schedule".

Talking about its power business, the company said that Adani Power Maharashtra has signed additional fuel supply agreement with South Eastern Coalfields Ltd for Tiroda power plant, thereby having coal supply agreements of about 4.2 MT for the plant.

Following the results, the company scrip rose by 3.32 percent on the BSE Monday to close at Rs 243.


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