Adani Enterprises net down 25% in FY12

Virendra Pandit Ahmedabad | Updated on May 21, 2012 Published on May 21, 2012

Adani Enterprises Ltd (AEL), the flagship company of Adani Group, on Monday said its net profit declined by 25% in the financial year 2011-12, and by 66% in the fourth quarter, both ended March 31, 2012, as compared to the corresponding periods last fiscal.

In FY 12, the company’s consolidated income increased by 49% to Rs 39,356 crore (Rs 26,405 crore) and EBIDTA by 24% to Rs 5,546 crore (Rs 4,465 crore), driven by higher contribution from coal trading and port business. In Q4, the income was Rs 10,637 crore (Rs 9112 crore), an increase of 17%.

The consolidated net profit, however, stood at Rs 1,839 crore as compared to Rs 2,476 crore in the last fiscal while in Q4 it was Rs 309 crore (Rs 928 crore). “While the port and coal trading businesses had a robust growth, higher fuel costs in the power business affected our PAT,” AEL said in a statement here.

On Monday, AEL’s share price at the BSE closed 3.38% higher at Rs 238.90.

Mr Devang Desai, CFO, Adani Group, and Executive Director, Adani Enterprises, said, “The past year presented many unexpected challenges in resources and energy businesses. The results are obviously impacted by this environment. However, going forward in the coming year, we believe that many of the issues impacting the financial performance of the company will be resolved.”

In 2011-12, AEL imported 36 million tons of coal and captured 50% market-share in the country. While Mundra port emerged as the fourth largest commercial port in India, the Group completed re-financing of USD 2 billion for Abbot Point Coal Terminal in Australia. Also, it received letter of intent to set up a dry bulk terminal at Kandla

Port, commissioned India’s largest thermal power plant with a capacity of 4,620 MW at Mundra and the country’s largest solar power project of 40 MW in Kutch, the company added.

Published on May 21, 2012
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