Adani Enterprises today reported a decline of 14.15% in consolidated net profit to Rs 407.28 crore for the quarter ended December 31, 2011, largely due to a forex loss of Rs 335 crore.
The flagship firm of the Adani group had reported a net profit of Rs 474.41 crore in the corresponding quarter of 2010-11.
Consolidated net sales of the company, however, rose by about 60% to Rs 9,014.73 crore during the quarter under review vis-a-vis Rs 5640.42 crore of the October-December quarter of FY'11, it said in a filing to the BSE.
The interest and finance charges of the company in the Q3 rose by more than three times to Rs 725.65 crore, largely due to Rs 335 crore forex loss incurred during the quarter, the filing said.
"The overall profitability has been impacted largely due to losses on account of foreign exchange fluctuation," Adani Enterprises chairman Gautam Adani said in a statement, while adding that company's operating profit during the quarter has doubled and it has posted a steady growth.
During the quarter, Adani group also commissioned a 40 MW solar power Plant in Gujarat's Kutch district. Plant's capacity will be expanded to 100 MW in the future, the company statement said.
Besides, Adani Power, a group firm, generated 3,381 million units of electricity in the quarter. The power arm of the Adani group has a total generation capacity of 2,640 MW.
Shares of the company were trading at Rs 392.45 apiece on the BSE in the late afternoon trade, down 4.33% from the previous close.
