Adani Enterprises Q2 profit 78% to Rs 63.09 crore

NEW DELHI: Adani Enterprises on Monday said its consolidated profit after tax (PAT) plunged 78 per cent YoY to Rs 63.09 crore for the quarter ended September 30.

The Adani group flagship company had reported a PAT of Rs 298 crore for the same quarter last year.

The company logged a comprehensive loss of Rs 74.55 crore for the quarter, owing to Rs 137.64 crore loss on account of joint ventures, compared with a profit a Rs 558.67 crore reported for the year-ago quarter.

Consolidated Ebitda, meanwhile, rose 60.40 per cent YoY to Rs 403.60 crore from Rs 251.60 crore reported for the year-ago quarter.

Net sales for the quarter declined 15.9 per cent YoY to Rs 7,591.28 crore from Rs 9,028.08 crore in the corresponding quarter of last year.

“We remain focused on executing our strategy and increasing momentum of our businesses across the key sectors for long-term, sustainable growth,” said Gautam Adani, Chairman, Adani Group.

The company reported basic earnings per share (EPS) of 0.57 paise in Q2FY17 against Rs 2.72 in the same quarter last year. In the energy space, the company has so far commissioned 74 mw out of 100 mw projects in Punjab, which is the largest project in India with Single Axis Tracking technology. With this, the company has 734 mw operational projects of solar and wind power.

“Further, a pipeline of 1,340 mw wind & solar power projects is under various stages of implementation across the country,” the company said in a filing to BSE.