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BW Businessworld

Adani Enterprises' Q1 Net Profit Jumps 43%

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Flagship company of the Ahmedabad-based conglomerate Adani Group, the Adani Enterprises Limited (AEL) on Tuesday (11 August) reported a 43 per cent rise in its consolidated profit after tax (PAT) in the first quarter of 2015-16.
 
While announcing the results, the company clarified that the current quarter figures were not comparable with the previous/corresponding quarter, consequent to demerger of ports, power and transmission businesses with effect from April 1, 2015.
 
Consolidated income from operations during the quarter under review was Rs 11,275 crore vs Rs 12,429 crore in Q1FY15. The 9 per cent decline in sales was due to reduction in sales of bunkering business. Consolidated PAT grew 43 per cent to Rs 380 crore vs Rs 265 crore in Q1FY15.
 
Commneting on the results, Gautam Adani, chairman Adani Group, said that post-demerger, Adani Enterprises continue to focus on renewable energy, coal trading, mine development & operations, agro and CGD. "This focused approach will drive next level of value creation and would accelerate the business growth. We have embarked upon renewable energy space in line with the national objective, " he added.
 
According to Ameet Desai, CFO, Adani Group and executive director, Adani Enterprises Ltd., the financial performance came on the back of improved margins in its coal trading, mine development and operations and agro business.
 
"With the progress policy measures by the Government, we believe that Adani Enterprises is better placed to tap the growth potential in domestic mining and renewable energy space. We remain committed to leverage these opportunities and deliver sustainable growth," Desai added.