AEL, the flagship company of the Adani Group, also posted a dip of -5% in its standalone Q3 revenue at Rs 3118.85 crore, from Rs 3301.12 crore of third quarter in previous fiscal.
On standalone basis, the company registered a net loss of Rs 280.80 crore for nine months ended December 31, 2013. Compared to this, AEL had earned a net profit of Rs 593.44 crore for the corresponding nine months period of previous fiscal 2012-13.
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The consolidated net profit of AEL too fell by 83.61% at Rs 68.20 crore in Q3 of FY14 as against Rs 416.11 crore of corresponding period of last fiscal. However, AEL's consolidated total income for the said quarter increased to Rs 13,746.75 crore against Rs 13,649.20 crore in the same period last year.
AEL attributed the impact on the financial results for the third quarter to the non-availability of domestic coal. "Our port and coal trading businesses continue to grow on a steady basis, whereas our performance was affected by non-availability of domestic coal and delay in compensatory tariff in our power business," the company stated in an official communique.
"Our integrated business model of Resources, Logistics & Energy has an in-built resilience & adaptability. This was tested & validated over the last two years wherein the Power Business part of the model was nurtured & supported within the value chain. In the ensuing quarters, we will enjoy these synergy benefits as we see marked improvement in power business on account of tariff revisions, full availability of plant capacity and better business & growth environment," said Gautam Adani, chairman of Adani Group.
According to AEL, while the Environmental Impact Statement (EIS) and other approvals for the Carmichael Coal Mine and Rail Project in Australia are expected by second quarter of calendar year 2014, the company has completed detailed mine plan for the open cut pits and is currently conducting a contract mining tender.
In the group's ports business, the port at Dahej handled cargo of 6.38 MMT in nine months FY '14, which was a rise of 15% over 5.55 MMT in corresponding period previous year. On the other hand, the port at Hazira handled a cargo of 0.95 MMT in Q3 FY '14 and 2.79 MMT in nine months FY '14.
Talking about the financial results, Devang Desai, CFO Adani Group and Executive Director, Adani Enterprises, said, "Our overall improved quarterly performance has set the direction for ensuing quarters as we see greater contribution from the power business. We continue to focus on operating cost reductions & revenue enhancements and closely nurture the capital spends in all our businesses."
Meanwhile, the company expects to achieve thermal power generation capacity of 9,240 MW by FY14.