Adani Enterprises' Q4 profit plunges by 74%

Adani Enterprises, the flagship arm of the Adani Group, today reported a 74 per cent drop in consolidated net profit at Rs 737.17 crore for the fourth quarter ended March 31, 2015.
The Ahmedabad-based firm had posted a net profit of Rs 2,847.82 crore in the corresponding year-ago period, it said in a BSE filing.
Total consolidated income dipped marginally to Rs 16,140.92 crore in the January-March quarter of 2014-15 from Rs 16,182.93 crore in the same quarter of 2013-14.
On the steep fall in profits, a company spokesperson said that the decline was due to two non-recurring items, which added up to the net profit of 2013-14.

"During fiscal 2013-14, there were two one-time items -- a compensatory tariff of Rs 572 crore and a deferred tax reversal of Rs 744 crore, which added to the net profit of the reported fiscal," the spokesperson said.
Adani Enterprises Ltd (AEL) said its coal, ports and power businesses continue to scale up steadily and improved utilisation of operational capacity has resulted in robust overall performance.

Adani Group Chairman Gautam Adani said: "As a group celebrating its silver jubilee year, we feel privileged to have built global scale integrated infrastructure organisation in a relatively short time."
Going forward, the group remains committed to play an enhanced role in nation building across various geographies, he added.

Adani Group CFO and Adani Enterprises Executive Director Ameet Desai said: "Our results reflect growth and all-round performance across various verticals viz coal business, ports & logistics and power & transmission businesses."
The group remains optimistic to build these businesses to generate higher returns for its stakeholders, he added.
For the entire 2014-15 fiscal, Adani Enterprises' net profit on a consolidated basis fell by 12 per cent to Rs 1,948.05 crore from Rs 2,220.77 crore in 2013-14.
Consolidated total income rose by 17 per cent to Rs 64,581.88 crore from Rs 55,066.88 crore.
In FY 2015, coal trading volumes grew 34 per cent to 58.4 million tonnes (MT) from 43.5 MT in FY 2014. It rose by 16 per cent to 14.5 MT in fourth quarter of FY 2015 as compared to 12.6 MT in corresponding quarter of FY 2014, the firm said.

Ports cargo volume grew 28 per cent to 144 MT in the last fiscal from 113 MT in 2013-14. On a quarterly basis, it grew by 26 per cent to 36 MT in fourth quarter of FY 2015 from 29 MT in fourth quarter of FY14, it added.
In FY 2015, power sales volume rose 27 per cent to 51 BUs (billion units) as compared to 40 BUs in FY2014. In fourth quarter of FY2015, it grew by 6 per cent to 12.6 BUs from 11.8 BUs in corresponding quarter of FY 2014.
Adani Enterprises shares today ended 6.97 per cent up at Rs 720.55 apiece on the BSE.