Adani Enterprises’ quarterly profit plunges by 74%
Adani Enterprises, the flagship arm of the Adani Group, on <g data-gr-id="25">Wednesday</g> reported a 74 per cent drop in consolidated net profit at Rs 737.17 crore for the fourth quarter ended March 31, 2015. The Ahmedabad-based firm had posted a net profit of Rs 2,847.82 crore in the corresponding year-ago period, it said in a BSE filing.
Total consolidated income dipped marginally to Rs 16,140.92 crore in the January-March quarter of 2014-15 from Rs 16,182.93 crore in the same quarter of 2013-14. On the steep fall in profits, a company spokesperson said that the decline was due to two non-recurring items, which added up to the net profit of 2013-14.
"During fiscal 2013-14, there were two one-time items -- a compensatory tariff of Rs 572 crore and a deferred tax reversal of Rs 744 crore, which added to the net profit of the reported fiscal," the spokesperson said. Adani Enterprises Ltd (AEL) said its coal, ports and power businesses continue to scale up steadily and improved utilisation of operational capacity has resulted in robust overall performance.
Adani Group Chairman Gautam Adani said: "As a group celebrating its silver jubilee year, we feel privileged to have built global scale integrated infrastructure organisation in a relatively short time." Going forward, the group remains committed to <g data-gr-id="18">play</g> an enhanced role in nation building across various geographies, he added. Adani Group CFO and Adani Enterprises Executive Director Ameet Desai said: "Our results reflect growth and all-round performance across various verticals viz coal business, ports & logistics and power & transmission businesses."