Adani Enterprises Q3 net falls by 44% to Rs 196 crore

Company says quarter and nine-month figures not comparable with year-ago period, due to demerger of ports, power businesses

On account of fall in its income from operations, Adani Enterprises Limited (AEL) posted a dip of 43.83 per cent in its consolidated net profit for the third quarter ended December 31, 2015 for the fiscal 2015-16, on a comparable basis against the corresponding period last year.

As against a consolidated profit after tax (PAT) of Rs 349 crore for Q3 of FY 2014-15, AEL posted a PAT of Rs 196 crore for Q3 FY 2015-16 on a comparable basis, the company stated.

However, in its BSE filing, Adani Enterprises registered a consolidated net profit of Rs 195.79 crore for the quarter ended December 31, 2015 where as the same was at Rs 443.85 crore for the quarter ended December 31, 2014.

Consequent to the demerger of its ports, power and transmission businesses effective from April 1, 2015, the quarter and nine-month figures were not comparable with the corresponding period, the company stated.

AEL posted a fall of 17 per cent in its consolidated income from operations for the third quarter of the fiscal from Rs 12564 crore in the corresponding period last year to Rs 10408 crore in fiscal 2015-16 on a comparable basis. However, in its BSE filing, the company's total consolidated income fell from Rs 18074.93 crore for the quarter ended December 31, 2014 to Rs 10594.95 crore for the quarter ended December 31, 2015.

On the standalone basis, AEL posted a net profit of Rs 146.34 crore for the quarter ended December 31, 2015 in its BSE filing whereas the same was at Rs 120.75 crore for the quarter ended December 31, 2014. Total income of AEL, as per its BSE filing stood at Rs. 1915.04 crore for the quarter ended December 31, 2015 while the same was at Rs 4519.07 crore for the quarter ended December 31, 2014.

Commenting on the results, Gautam Adani, Chairman, Adani Group said, "The recent developments in the company's business mix will go a long way in addressing energy sufficiency of the country and strength overall socio economic status. With our innovative business models and services, we remain committed to build industry leading businesses for long term sustainable growth."

According to Ameet Desai, CFO, Adani Group and Executive Director, Adani Enterprises, Adani Enterprises' mine development and operations (MDO) as well as agro businesses showcased robust growth. "Further, implementation of our growing portfolio of world-class strategic assets would provide impetus to growth momentum," said Desai.