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Adani Enterprises Q4 net profit declines 64% to Rs 96.93 crore.

Date: 07-05-2020
Subject: Adani Enterprises Q4 net profit declines 64% to Rs 96.93 crore
Adani Enterprises on Wednesday reported a 63.57 per cent decline in consolidated profit to Rs 96.93 crore for the fourth quarter ended March 31.

The Gautam Adani-led company had clocked a consolidated profit of Rs 266.09 crore for the corresponding quarter a year-ago, the company said in a BSE filing.

Its consolidated total income income for the quarter increased by 2 per cent to Rs 13,698 crores as against Rs 13,473 crore during the year-ago period.

Total expenses of the company rose to Rs 13,711.98 crore during the quarter under review as against Rs 12,975.30 crore in the same period previous fiscal.

The company in a statement said: "The PAT attributable to owners for Q4FY 20 was Rs 61 crores vs Rs 283 crores in Q4 FY19".

"Adani Enterprises Limited has always strived towards nation building through its business endeavours which focuses on creating excellent infrastructure capabilities to accelerate the growth.

"With the COVID-19 pandemic has brought things to a halt, we at Adani will persistently support our fellow Indians through these testing times. We aim to emerge stronger once situations normalize. The emphasis will be on continued incubation of future businesses and create value for our stakeholders in the long term," the group's Chairman Gautam Adani said.

The company said its consolidated total income for the FY20 increased by 8 per cent to Rs 44,086 crores compared to Rs 40,951 crore in FY19.

"The PAT attributable to owners for FY20 rose 59 per cent to Rs 1,138 crore vs Rs 717 crores in FY19," the company said.

The company said its shareholders value increased at CAGR of 45 per cent in last 3 years by demerger of renewable generation and city gas distribution businesses.

Providing highlights of its mining services business, the company said production volume at Parsa Kente coal mine in Chhattisgarh stood at 4.53 million tonne (MT) as against 4.92 MT in Q4 FY19. Recently, the coal production has started at Gare Pelma III mine in Chhattisgarh and the volume during the quarter is 0.45 MT.

About solar 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, it said, adding Q4 FY20 volume was at 193 MW modules compared to 260 MW modules in Q4 FY19.

In agro business, the company said it 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.

For roads building, it said the company has signed three concession agreements with National Highways Authority of India (NHAI) under Hybrid Annuity Model for construction of roads aggregating to over 150 km, with project completion status of 40 per cent in Bilaspur-Pathrapali project in Chhattisgarh.

It said it has also received two letters of award from NHAI for construction of roads aggregating to over 60 km in Andhra Pradesh and Madhya Pradesh.

About airport services, it 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 with a diversified business portfolio comprising integrated coal management and mining services, solar modules manufacturing as well as edible oil business.

Source:- moneycontrol.com

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