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Adani Enterprises Ltd (AEL), flagship firm of Adani Group, on Thursday said its consolidated net profit during the second quarter ended September 30, 2012 fell by 42%, while its consolidated income increased by 1.79% as compared with the corresponding period last fiscal.
The consolidated income was Rs 10,265 crore (Rs 10,084 crore), its consolidated net profit stood at Rs 320 crore (Rs 553 crore), the
company said in a statement.
On Thursday, Adani Enterprises’ share price at the BSE closed at Rs 221.90, down 0.67% from its previous close.
Commenting on the results, Mr Gautam Adani, Chairman, said, “Our core businesses of coal trading and ports continue to perform exceedingly well. However, our power generation business is, at present, undergoing stress due to high prices of imported coal, shortfall against linkages of domestic coal and limited availability of transmission lines.”
Given its long-term commitments to power business, the Board of AEL has approved, in principle, the proposal to allow additional
investment in Adani Power Ltd. (APL) so as to enhance the total promoters’ shareholding up to 75% from about 68% (post amalgamation),
subject to the necessary formalities by APL and in compliance with the SEBI regulations, the company said.
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