 "Gautam Adani")
The company posted a standalone net profit of Rs 196.91 crore for the quarter ended June 30, 2016 as compared to Rs 76.92 crore for the quarter ended June 30, 2015. However, total standalone income of the company decreased to Rs 2,371.55 crore for the quarter ended June 30, 2016 from Rs 2,577.97 crore for the quarter ended June 30, 2015.
On the consolidated basis, AEL saw an almost muted growth of 0.03 per cent in its net profit after taxes, minority interest and share of profit of associates for Q1 of FY17 at Rs 363.71 crore. As against this, the company had seen a consolidated net profit of Rs 363.57 crore for the corresponding period last year. Consolidated total income too grew marginally by 0.38 per cent, up from Rs 9144.25 crore for the quarter ended June 30, 2015 to Rs 9179.85 crore in the said quarter this year.
The first quarter of FY17 saw AEL extracting and supplying washed coal of 2.13 million metric tonnes (MMT) to RRVUNL, up from 0.96 MMT in Q1 of FY'16, a rise of 122 per cent. At Parsa Kente coal block in Mine Development and Operations (MDO) business, the company is ramping up its extractive capacity. On the other hand, in terms of overseas mining, AEL extracted 1.22 MMT of coal in Q1 FY17 while it expects to extract about 5.5 MMT of coal in the current fiscal year.
According to Gautam Adani, Chairman Adani Group, the group company remains committed to its investment plans in renewables and domestic mining sectors. "Adani Enterprises continue to focus on the sectors of national interest through presence in critical and often under penetrated spaces. The investment climate in the country is building up and the intent of government to pursue economic reforms is clearly visible," Adani said.
Going forward, the company is hoping for improved performance on the back of an uptick in investment cycle and energy demand, said Ameet Desaid, chief financial officer, Adani Group and executive director, AEL. "We maintained our earnings growth trajectory during this quarter. This is testimony of intrinsic strength of our business portfolio. The government spending on infrastructure and other development projects, well progressing monsoon and pay revisions shall drive an uptick in the investment cycle and energy demand leading to our improved performance," he said.
The company registered city gas distribution volume of 97 mmscm in the first quarter of the current fiscal.
Meanwhile, under its renewable business, the company has a constructed solar power generation capacity of 648 Mw in Tamil Nadu, while it has also forayed into wind power with the commissioning of a 12 Mw project in Madhya Pradesh. Moreover, an additional pipeline of 1468 Mw of wind and solar power projects are under various stages of implementation across the country.
Shares of Adani Enterprises Ltd on BSE climbed by 2.83 per cent on Wednesday to close at Rs 79.85 apiece.
