New Delhi: Adani Enterprises, the flagship arm of the Adani Group, Wednesday reported a 74 percent drop in consolidated net profit at Rs 737.17 crore for the fourth quarter ended March 31, 2015.
The Ahmedabad-based firm had posted a net profit of Rs 2,847.82 crore in the corresponding year-ago period, it said in a BSE filing.
Total consolidated income dipped marginally to Rs 16,140.92 crore in the January-March quarter of 2014-15 from Rs 16,182.93 crore in the same quarter of 2013-14.
On the steep fall in profits, a company spokesperson said that the decline was due to two non-recurring items, which added up to the net profit of 2013-14.
"During fiscal 2013-14, there were two one-time items -- a compensatory tariff of Rs 572 crore and a deferred tax reversal of Rs 744 crore, which added to the net profit of the reported fiscal," the spokesperson said.
Adani Enterprises Ltd (AEL) said its coal, ports and power businesses continue to scale up steadily and improved utilisation of operational capacity has resulted in robust overall performance.
Adani Group Chairman Gautam Adani said: "As a group celebrating its silver jubilee year, we feel privileged to have built global scale integrated infrastructure organisation in a relatively short time."
Going forward, the group remains committed to play an enhanced role in nation building across various geographies, he added.
Adani Group CFO and Adani Enterprises Executive Director Ameet Desai said: "Our results reflect growth and all-round performance across various verticals viz coal business, ports & logistics and power & transmission businesses."
The group remains optimistic to build these businesses to generate higher returns for its stakeholders, he added.
For the entire 2014-15 fiscal, Adani Enterprises' net profit on a consolidated basis fell by 12 percent to Rs 1,948.05 crore from Rs 2,220.77 crore in 2013-14.
Consolidated total income rose by 17 percent to Rs 64,581.88 crore from Rs 55,066.88 crore.
In FY 2015, coal trading volumes grew 34 percent to 58.4 million tonnes (MT) from 43.5 MT in FY 2014. It rose by 16 percent to 14.5 MT in fourth quarter of FY 2015 as compared to 12.6 MT in corresponding quarter of FY 2014, the firm said.
Ports cargo volume grew 28 percent to 144 MT in the last fiscal from 113 MT in 2013-14. On a quarterly basis, it grew by 26 percent to 36 MT in fourth quarter of FY 2015 from 29 MT in fourth quarter of FY14, it added.
In FY 2015, power sales volume rose 27 percent to 51 BUs (billion units) as compared to 40 BUs in FY2014. In fourth quarter of FY2015, it grew by 6 percent to 12.6 BUs from 11.8 BUs in corresponding quarter of FY 2014.
Adani Enterprises shares today ended 6.97 percent up at Rs 720.55 apiece on the BSE.
Adani Enterprises said the Gujarat High Court has approved restructuring of the group's businesses involving ports, power, mining and transmission assets.
"Pursuant to the scheme, there will be listing of Adani Transmission, one of the largest private sector transmission companies with over 5,000 circuit kms of transmission lines across western, northern and central regions of India," the firm said.
Pursuant to the scheme, mine developer cum operator (MDO) business will be carried on by AEL due to merger of Adani Mining Pvt Ltd (AMPL) into AEL.
"Currently, we have one operational MDO coal block namely Parsa Kente with mineable reserves of 450 MT and peak mining capacity of 22 MTPA (million tonnes per annum).
"With many more upcoming coal blocks, MDO business will further strengthen and improve financial performance of AEL," the firm said.
Adani Ports commissioned Tuna Tekra bulk terminal at Kandla in a record time of 24 months on February 10, 2015, AEL said.
"Adani Power acquired Udupi Power project, with this, Adani Power has a total power generation capacity of 10,440 MW," it added.
AEL has successfully embarked on coal mining business at its Indonesian mine and extracted 5 MT of coal in FY15.
At the Carmichael coal mine in Australia, the firm has started awarding key contracts for mining operations.
It has issued letter of award to Liebherr and Komatsu for supplying excavators and trucks, respectively, for mining operations in Australia, it added.
