Gujarat-based Adani Enterprises , which is engaged in the businesses of power, ports, agro and trading, has turned profitable with the first quarter consolidated net at Rs 556.7 crore on strong revenue growth and operational performance and despite exceptional loss, lower other income, higher finance, depreciation and tax costs. The loss in the year-ago period was Rs 278.3 crore.
"Improved performance has set the direction of growth as we see greater contribution from completed projects in ports, power and mining verticals," said Gautam Adani, chairman of Adani Group.
Consolidated total income from operations grew by 43.1 percent to Rs 16,524 crore in the quarter ended June 2014 from Rs 11,547 crore in same quarter last year driven by strong growth in trading, power and agro businesses.
Adani Enterprises holds 68.99 percent stake in Adani Power and 74.99 percent in Adani Ports and Special Economic Zone ; hence the above earnings include numbers of both companies.
Exceptional loss represented the liquidated damages amounting to Rs 126.39 crore payable on account of delay in commercial operations date (COD) at Tiroda plant operated by Adani Power Maharashtra, said the company in its filing.
During the quarter, operating profit (excluding forex loss) jumped 52.8 percent year-on-year to Rs 3,156 crore and margin expanded by 120 basis points to 19.1 percent in the quarter gone by.
With continued focus on leveraging the benefits of increasing scale and operational efficiencies, Ameet Desai (group chief financial officer, Adani Group) expects further boost in operating performance in future.
According to him, power generation business has shown growth due to new capacities coming into operation coupled with enhanced PLF & improved operations. The company expects to achieve thermal power generation capacity of 9,240 MW very soon.
Other income of the company nearly halved to Rs 147.12 crore in the first quarter of current financial year 2014-15 from Rs 288.9 crore while forex loss declined to Rs 217.82 crore from Rs 337.91 crore during the same period.
Depreciation and amortisation expenses jumped 34.41 percent year-on-year to Rs 965.67 crore and finance cost rose 25 percent to Rs 1,453.88 crore and tax expenses shot up 67.84 percent on yearly basis to Rs 149 crore in the quarter gone by.
| Segments | Q1FY15 (Rs cr) | Q1FY14 (Rs cr) | %Change | |||
| Trading | 6786.08 | 4587.58 | 47.92 | |||
| Power | 5411.11 | 2567.2 | 110.78 | |||
| Port | 818 | 1277.2 | -35.95 | |||
| Agro | 2126 | 1994.6 | 6.59 | |||
| Others | 1383.3 | 1120.08 | 23.50 |
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