Adani Exports FY06 consol net up 11%

Adani Exports has posted a 11% rise in consolidated net profit to Rs 134.63 crore for FY06 as compared to Rs 121.58 crore for FY05.

According to an official release issued to the BSE today, total revenue declined 18% to Rs 12342.83 crore for FY06 when compared with Rs 15007.92 crore for FY05.

Net profit for Q4FY06 was up 27% to Rs 65.35 crore when compared with Rs 51.54 crore for Q4FY05. Total revenue for Q4FY06 decreased to Rs 3,256 crore from Rs 4033.14 crore in Q4FY05.

In a related development, the board,at its meeting held on Saturday, discussed restructuring SBUs of the compnay, viz. Energy Group, Agro Group, Metals Group, Real Estate Group into appropriate divisions/subsidiaries of the company so as to present an integrated profile of each SBU in its entire value chain.

The company's real estate group has undertaken 25 million sq ft of development in Mumbai and Ahmedabad, envisaging a product mix of township and integrated complexes of retail, commercial and residential units. These initiatives would be through separate special purpose vehicles SPVs and the company would explore joint and alliance arrangements for this business, the release said.

The board has also recommended increasing the dividend rate to 45% for FY06 from 40% in FY05, the release added.