Adani Enterprises Q3 operating profit up 49%

Diversified group Adani Enterprises reported revenue of Rs 9,938 crores for the Oct-Dec quarter compared to Rs 8,606 crores for the same quarter last year.

Due to the higher revenue, operating profit (EBIDTA) jumped to Rs 1,048 crores from Rs 705 crores last year.

Net profit inched up to Rs 351 crores from Rs 340 crores.

“Our quarterly performance was satisfactory as we maintained steady earnings growth trajectory,” said Rajiv Nayar, Group CFO Adani Group.

“Government’s focus on increasing consumption coupled with improving utilization and cost optimization would enhance the company’s performance leading to value creation for all stakeholders.”

“Adani Enterprises focused on incubating diverse nation-critical businesses to address the country’s growing appetite for energy, food and infrastructure. We remain committed to our investment plans in resources, energy, food & logistics which would contribute extensively to India’s overall economic progress.” said Mr. Gautam Adani, Chairman Adani Group.

In coal mining, the company has supplied washed coal of 1.75 mln tons compared to 1.92 last year.

In renewable sector, the company said it operationalized renewable projects of 1,648 MW with a further pipeline of 550 MW of projects under various stages of implementation across the country. It generated 364 million units in Q3, up from 145 MU last year.

In City Gas Distribution, the company is now present in 4 cities – Ahmedabad, Vadodara, Faridabad, Khurja and in 3 cities – Chandigarh, Allahabad and Daman — through 50:50 joint venture with Indian Oil Corporation.

It said it expects future growth in this business through Joint Venture which has been awarded the city gas project in cities – Ernakulam, Panipat, Udham Singh Nagar, Dharwad, South Goa and Bulandshahr.

The projects are at various stages of implementation in these cities, it said.

In edible oil business, the company said it had a 21% market share.

In agro storage business, the company has operationalized storage facility with capacity of 25K MT at Kotkapura.

Project implementation is going as per schedule for the recently won 6 projects from Punjab government with a capacity of 3 lacs MT. Commissioning of all the projects is expected in Mar 19, it added.