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Adani Enterprises Q1 profit dives 62% to Rs 141 cr

BS Reporter/Ahmedabad 12 Aug 17 | 10:21 PM

Gautam Adani

Despite a segmental performance growth in renewable energy and city gas distribution (CGD), Adani Enterprises Limited (AEL) posted a 61.77 per cent decline in its consolidated net profit to Rs 141.15 crore for the first quarter ended June 30 of financial year 2017-18. The flagship company of the Adani Group had posted a consolidated net profit of Rs 369.24 crore for the corresponding period last year.

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AEL’s total consolidated income stood at Rs 8,871.29 crore in Q1 of FY18 while the same was at Rs 9,174.06 crore in Q1 of FY17.

On a standalone basis, Adani Enterprises saw its Q1 net profit close at Rs 22.97 crore this financial year, as against Rs 196.91 crore in Q1 of previous financial year. Standalone total income of AEL stood at Rs 3,145.65 crore for the quarter ended June 30, 2017 as against Rs 2,371.55 crore for the quarter ended June 30, 2016.

Among its business segments, renewable energy, CGD and trading saw higher Q1 net profits of Rs 81.62 crore, Rs 77.70 crore and Rs 187.87 crore, respectively in financial year 2017-18 as against Rs 33.58 crore, Rs 54.68 crore, and Rs 82.99 crore, respectively for Q1 of FY17. 

In its renewable energy business, the company operationalised projects of 808 Mw with a further pipleine of 1,280 Mw of projects under various stages of implementation across the country. In Q1 of FY18, AEL generated 362.99 million units (MU) Kw/h as compared to 104.94 MU Kw/h in Q1FY17 on account of operationalisation of projects.

As against just four cities of Ahmedabad, Vadodara, Faridabad and Khurja, AEL is now at different stages of implementation of piped natural gas services to households, industrial and commercial consumers as well as compressed natural gas for automobiles through its 50:50 joint venture with Indian Oil Corporation (IOC) for around seven cities. 

The joint venture has been awarded the CGD project in cities of Allahabad, Chandigarh, Ernakulum, Daman, Panipat, Udham Singh Nagar and Dharwad, of which operations have started in Chandigarh and Allahabad, while projects are at various stages of implementation in other cities.

AEL's CGD volumes were up by 14 per cent to 110.3 million metric standard cubic metres (mmscm) for the period.

Rajiv Nayar, Group CFO, Adani Group termed the quarterly performance of AEL “satisfactory" on account of renewable business witnessing accelerated growth momentum. “We had a well-rounded growth at our renewables, city gas and coal businesses during the quarter," Nayar said.

Commenting on the results, Gautam Adani, chairman of Adani Group said the company continued to focus on its industry leading portfolio of renewable energy, mining and agro businesses.

In its mining development and operations (MDO) business at Parsa Kente coal mines in Chattisgarh, the company has supplied washed coal of 1.64 mmt to Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL) in Q1 of FY’18 as compared to 2.13 mmt in Q1 of FY’17, a decrease of 23 per cent due to lower offtake by RRVUNL. The company received Letter of Award (LoA) for the appointment for Gare Pelma Sector-III coal block of Chhattisgarh State Power Generation Company Ltd., AEL stated.

Meanwhile, in its agro storage business, AEL recently operationalised storage facilities with a capacity of 100,000 metric tonnes at Kotkapura and Katihar. The company also recently won six projects from Punjab Government with a capacity of 300,000 MT.

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