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Adani Enterprises Ltd (AEL), the flagship company of the Adani group, on Thursday reported a 29 per cent fall in its net profit although its income rose by 15 per cent in the first quarter of 2012-13 ended June 30, as compared to the corresponding period in the previous fiscal year.
While the consolidated income rose to Rs 11,036 crore (Rs 9,596 crore), net profit dropped to Rs 403 crore (Rs 570 crore), according to a press release here.
On Thursday, AEL’s share price on the BSE closed 2.10 per cent down at Rs 177.50.
“While the port and coal trading businesses continue to grow on a steady basis, higher fuel costs due to expensive imports resulting out of a lack of domestic coal supply continued to impact our power business,” the company said.
Commenting on the results, Mr Gautam Adani, Chairman, said the quarterly performance was adversely affected by power sectoral issues which are beyond the company’s control, such as shortfall against linkage of domestic coal, high prices of imported coal and limited availability of transmission line.
“We are confident that our power business shall generate the envisaged return shortly, creating value for its stakeholders.”
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