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Adani Q2 net profit down 42%

Adani Q2 net profit down 42%
Adani Enterprises on Thursday reported 42 per cent decline in consolidated net profit at Rs 320.21 crore for the quarter ended 30 September 2012, due to muted sales and increased tax outgo.

The flagship firm of Adani group had reported net profit of Rs 552.68 crore in the same quarter last fiscal.

Net sales of the company were marginally up by 1.82 per cent to Rs 10,261.85 crore during the quarter, vis-a-vis Rs 10,078.73 crore of the July-September quarter of FY12, Adani said in a filing to the BSE. The company's total expenditure increased by over 4 per cent to Rs 9,361.09 crore in the quarter, from Rs 8,977.66 crore of Q2 of 2011-12. This includes over 89 per cent rise in its depreciation, amortisation and impairment charges, which stood at Rs 500.84 crore.

Besides, Adani Enterprises' tax outgo increased about 2.5 times to Rs 282.74 crore during the quarter, vis-a-vis Rs 113.6 crore of July-September of FY12, while its finance costs were up over 10 per cent to Rs 509.85 crore.    
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