Adani Enterprises reports sharp increase in net profit during Q2 2018-19
Adani Enterprises Wednesday reported about the three-fold jump in its consolidated net profit after tax to Rs 172 crore for the second quarter ended September 30.
The flagship firm of Adani Group had clocked a net profit of Rs 59 crore in the corresponding period previous fiscal.
"The PAT attributable to owners for Q2 FY 19 is Rs 172 crores vs Rs 59 crores in Q2 FY 18. Overall, the company has witnessed the improved performance of integrated Coal Management (ICM) and Mine Development and Operation (MDO) business," the company said in a statement.
The consolidated income from operations increased 7 per cent to Rs 9,155 crore in the said quarter as against Rs 8,546 crore in the same period a year ago.
"At Adani Enterprises, we continue our journey of creating world-class assets, endorsing benefits of diversification, integration and superior business portfolio. Our focus on building global scale India-centric businesses would enable us to create value for our stakeholders," Adani Group Chairman Gautam Adani.
About MDO business, it said that at Parsa Kente coal mines in Chattisgarh, the Company has supplied washed coal of 3.09 million tonnes (MT) to Rajasthan Rajya Vidyut Utpadan Nigam (RVUNL) in Q2 FY 19 as compared to 1.71 MT in Q2 FY 18, showing an increase of 81 per cent.
On solar manufacturing, it said it has established India's Largest Solar Cell and module manufacturing unit in Mundra SEZ.
"Under Phase 1, the plant has an installed capacity of 1.2 GW fully integrated cell and module manufacturing unit. Commercial Date of Operation was 24th May 2017. Q2 Volume increased 56 per cent to 156 MW modules Y-o-Y Vs 100 MW modules in Q2 FY 18," it said.
In the food business, the company said it has maintained its leadership position with its "Fortune" brand and continues to lead the refined edible oil market with more than 20 per cent market share.
During the current quarter, the company has operationalised edible oil plant at Krishnapattanam (Andhra Pradesh) with a refining capacity of 1,000 tonnes per day (TPD), it said.
In agri-logistics business, the company has won bids from Food Corporation of India to set up silos at Darbhanga and Samastipur in Bihar with a capacity of 50,000 metric tonnes.
Adani Enterprises has a diversified business portfolio comprising integrated coal management and mining, agri-storage infrastructure and services as well as edible oil business.
(With inputs from agencies.)