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Adani Group’s flagship Adani Enterprises Limited (AEL) registered standalone net loss of ₹81 crore for the quarter ended June 2020, as against net profit of ₹469 crore in the same quarter last year.
Company’s standalone revenues from operations stood at ₹1,992 crore for the quarter, as against ₹5,436 crore in the corresponding quarter a year ago.
On consolidated basis, the company posted net loss of ₹66 crore, as against net profit of ₹570 crore in the same period last year.
Consolidated revenues from operations stood at ₹5,265 crore, lower from ₹10,561 crore in the same period last year.
“Volumes across the segments were impacted owing to lower power demand and logistics issues due to Covid-19 pandemic,” the company noted in a results announcement.
Gautam Adani, Chairman of Adani Group, said “Adani Enterprises has always focussed on businesses which are closely aligned to the lifeline of the economy, providing essential services to enhance the quality of life of citizens and addressing critical national infrastructure priorities. In midst of the pandemic, we see opportunity to expand our footprint and we continue to trace our path towards growth with goodness. Our focus continues to remain in optimising capital utilisation, strengthening the organisational structure to mitigate risk ultimately laying the foundation for consistent value creation.”
AEL shares gained 3.5 per cent to close at ₹185.7 on BSE Thursday.
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