 "Adani Enterprises Q2 net loss at Rs 102 crore")
AEL's total income during the quarter, however, grew by 38% to Rs 3192 crore from Rs 2,307.95 crore in the same period last year. For the half year ending September 30, AEL's total income increased from Rs 5,167 crore in Q2FY13 to Rs 5,971 crore this fiscal.
The company posted a net loss of Rs 238 crore as against a net profit of Rs 563 crore in the corresponding period last year.The company's forex losses widened from Rs 24 crore in the second quarter of last fiscal to Rs 212.42 crore in Q2FY14.
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On a consolidated basis, the company's total income from operations grew by 33% to Rs 13,602 crore during the quarter under review from Rs 10,265 crore in the corresponding period last year. Total expenses also increased from Rs 9,361 crore in Q2FY13 to Rs 12,959 crore in Q2FY14.
The company posted a consolidated net loss of Rs 416.9 crore from a net profit of Rs 320 crore in the same period last year. Consolidated total income for the half year increased by 18% to Rs 25,149 crore from Rs 21,300 crore in H1FY13. Consolidated net loss for the half year period ending September 30, 2013 was at Rs 695 crore as against a net profit of Rs 723 crore.
It can be noted here that AEL had posted a net loss in the previous quarter too. On a standalone basis its net loss stood at Rs 135.9 crore for the first quarter of the fiscal ending June 30, 2013 as compared to net profit of Rs 421.63 crore in the corresponding quarter last fiscal. On consolidated basis, the company had posted a loss of Rs 278.3 crore for the quarter ended June 30, 2013 as compared to net profit of Rs 402.88 crore in the corresponding quarter in 2012-13.
Adani Enterprises said in a statement here that, "Our port and coal trading businesses continue to grow on a steady basis, whereas our performance was affected by currency volatility, non-availability of domestic coal and delay in compensatory tariff in our power business."
Foreign exchange loss for the quarter under review on a consolidated basis was at Rs 331.58 crore as against a forex gain of Rs 129.88 crore in the corresponding period last fiscal.
Commenting on the results, Gautam Adani, chairman Adani Group, said, "Adani Enterprises continues to focus on its core businesses of ports & logistics, coal trading & mining and power generation & transmission. Mundra Port remains no. 1 port of the country and an effective catalyst for all our integrated businesses. Our overall financial results reflect the continued stress of our power business and we anticipate the situation to improve in the ensuing quarters."
As far as segment performance goes, revenue from power grew from Rs 1426 crore in Q2FY13 to Rs 3032 crore this year, while revenue from port operations came down from Rs 830.6 crore in Q2FY13 to Rs 776.3 crore in the second quarter this fiscal.
While revenue from the agro division came down from Rs 2440 crore to Rs 2,074 crore in Q2FY14, revenue from trading activities grew from Rs 4,083.3 crore in Q2FY13 to Rs 5,832.4 crore during the quarter under review.
According to a company release, in its mine development & operations business, the company is in the process of scaling up its operations and extracted about 4.4 lakh tonne of coal in Q2FY14 from Parsa Kente block in Chhattisgarh.
Mundra Ports handled highest coal volume 17.87 million tonne in H1FY14. The port at Dahej handled a cargo of 2.48 million tonne in Q2FY14, a rise of 112% as compared to 1.17 million tonne in corresponding quarter previous year.
For H1FY14 cargo handled was 4.70 million tonne with growth of 59% compared to corresponding period previous year. Meanwhile, Maharashtra Electricity Regulatory Commission (MERC) ordered to provide an interim relief to Adani power by increasing the prevailing tariff by Rs 0.57/kwh.