Adani Enterprises Ltd on Monday reported a steep 79 per cent drop in consolidated net profit at Rs 63 crore for the quarter ended September 30, 2016. The firm, led buy billionaire Gautam Adani, had clocked a net profit of Rs 299 crore in the year-ago period, it said in a BSE filing. Total consolidated income of the company fell by 16 per cent to Rs 7,594 crore in July-September quarter this fiscal from Rs 9,075 crore during the same quarter in 2015-16. The company's total expenses were lower at Rs 7,287 crore from Rs 8,898 crore during the period under review.
"The consolidated PAT for Q2 2016-17 is Rs 63 crore. As in the previous quarter, company has maintained its financial performance on comparable basis with contribution from mining, city gas and renewable businesses," it said in a statement. It had a consolidated PAT of Rs 128 crore in July-September 2015-16. Adani Group Chairman Gautam Adani said robust economic growth and enabling policies would enhance opportunities. "We remain focused on executing our strategy and increasing momentum of our businesses across the key sectors for long term, sustainable growth," he added. AEL Group CFO Ameet Desai said this has been a good quarter with recurring financial performance despite multiple headwinds including market volatility for commodities.
"We have well-rounded growth in volume at our mining, agro and city gas businesses during the quarter. With improving economic climate and business sentiment, we expect to further boost our financial performance," he added. In Mine Development and Operations (MDO) business at Parsa Kente, the company has supplied washed coal of 3.18 million tonnes (mt) in April-September compared to 2.15 mt in the year-ago period, a growth of 48 per cent. At solar power generation, the company has commissioned 74 mw out of 100 mw in Punjab, which is the largest project in India with Single Axis Tracking technology.
"With this, it has operational projects of 734 mw of solar and wind power. Further, pipeline of 1,340 mw of wind and solar power projects are under various stages of implementation across the country," AEL added. A solar manufacturing facility at Mundra is being built with objective to control cost by integrating with eco-system around its facility, the firm said.