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Adani Enterprises Q1 loss at Rs 65.67 crore as COVID-19 lockdown hits business.

Date: 07-08-2020
Subject: Adani Enterprises Q1 loss at Rs 65.67 crore as COVID-19 lockdown hits business
Adani Enterprises on Thursday reported a consolidated loss of Rs 65.67 crore for the first quarter ended June 30, impacted by COVID-19 pandemic-induced lockdowns.

The Gautam Adani-led company had clocked a consolidated profit of Rs 570.14 crore in the corresponding quarter a year ago, the company said in a BSE filing.

Its consolidated total income for the quarter declined to Rs 5,502.02 crore, as against Rs 10,685.86 crore during the year-ago period.

The total expenses also fell to Rs 5,639.56 crore during the April-June period, compared to Rs 10,243.74 crore in the same quarter previous fiscal.

"Consolidated PAT (profit after tax) attributable to owners at Rs 30 crores vs Rs 601 crores in Q1 FY20. In Q1 FY20, there was a one-time income of Rs 328 crores," the company said in a statement.

With continued lockdown and restrictions during this quarter, the company's volume across business segments have been affected, it added.

The company resumed its operations with "Safety First" approach duly following the government guidelines. The operational performance of the businesses continue to recover in phased manner towards Pre-COVID level, it said.

"Adani Enterprises Limited has always focused on businesses which are closely aligned to the lifeline of the economy, providing essential services to enhance the quality of life of citizens and addressing critical national infrastructure priorities.

"In midst of the pandemic, we see opportunity to expand our footprint and we continue to trace our path towards growth with goodness. Our focus continues to remain in optimising capital utilisation, strengthening the organisational structure to mitigate risk ultimately laying the foundation for consistent value creation," Gautam Adani, Chairman, Adani Group, said.

Providing business highlights during the quarter, the company said under its mining services, production volume at Parsa Kente coal mine in Chhattisgarh stood at 2 million tonne (MT) against 2.9 MT in Q1 FY20.

It said GP III mine (Chhattisgarh) was commenced in Q3 FY20 and the volume for Q1 FY21 stood at 0.2 MT.

Talabira II and III mines in Odisha have started operation in the current quarter with 0.02 MT volume.

About solar manufacturing business, it said the company has established India's largest solar cell and module manufacturing unit in Mundra SEZ. The plant has an installed capacity of 1.2 GW fully integrated cell and module manufacturing unit. Volume in Q1 FY21 was at 78 MW modules as against 236 MW modules in the same quarter previous fiscal.

It said in the food business, the company has maintained its leadership position with its "Fortune" brand and continues to lead the refined edible oil market with more than 20 per cent market share.

On road infrastructure business, the company said it has signed five concession agreements with NHAI (National Highways Authority of India) under Hybrid Annuity Model for construction, aggregating to over 200 Km, two of which were signed in July 20 - one each in Andhra Pradesh and Madhya Pradesh.

The project completion status in Bilaspur-Pathrapali project in Chhattisgarh is about 40 per cent, it said.

The company said it has won bids for six airports at Ahmedabad, Mangalore, Lucknow, Trivandrum, Jaipur and Guwahati, out of which concession agreements have been signed for Ahmedabad, Mangalore and Lucknow.

Adani Enterprises Limited (AEL) is the flagship company of Adani Group, one of India's largest business conglomerates.

AEL has a diversified business portfolio comprising integrated resources management and mining services, solar modules manufacturing as well as edible oil business.

Source:- moneycontrol.com

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