Adani Enterprises Ltd.'s consolidated net profit stands at Rs42cr in Q2FY19 vs. net loss of Rs15cr in Q2FY18

The company’s consolidated revenue stood at Rs9,155cr, up 7.1% yoy and 21.1% qoq.

Oct 31, 2018 02:10 IST India Infoline Research Team

Adani Enterprises Ltd Q2FY19

Consolidated Results Q2FY19: (Rs. in cr)

Q2FY19 YoY (%)
Revenue 9,155 7.1
EBITDA 442 5.5
EBITDA Margin (%) 4.8 [8]
Net Profit (adjusted) 42.3 -
***EBITDA margin change in bps

Adani Enterprises reported profit for Q2FY19 due to (1) rise in profits from JV and associates, (2) a tax credit of Rs19cr, and (3) a Rs58cr reduction in finance costs yoy. Revenue for the quarter increased 7.1% yoy to Rs9,155cr. EBITDA stood at Rs442cr, up 5.5% yoy. The EBIDTA margin fell 8bps yoy to 4.8%. The adjusted net profit from continuing operations stood at Rs42.3cr for Q2FY19, against a loss of ~Rs15cr in Q2FY18.
  • Segmental revenue for the quarter:
    • Trading                            Rs8,470cr    (down 8.6% yoy)
    • Mining                             Rs649cr       (up 98.4% yoy)
  • Segmental EBIT for the quarter:
    • Trading                            Rs61cr       (down 41.5% yoy)
    • Mining                             Rs312cr       (up 156% yoy)
  • Coal trading volumes for the quarter declined 15.4% yoy to 14.8MMT vs. 17.5MMT in Q2FY18. This brings the total coal trading volumes for H1FY19 to 26.4MMT, down 21.2% yoy.
  • Coal volumes at MDO rose 81% yoy to 3.09MMT in Q2FY19 vs. 1.71MMT in Q2FY18. This brings the total coal MDO volumes to 5.24MMT, up 56% yoy. This increase was possible owing to higher coal offtake from RVUNL.
  • Volume of Solar modules in the quarter increased 56% yoy to 156MW vs. 100MW in Q2FY18. This brings the total volume of Solar modules to 237MW in H1FY19, up 14% yoy.
  • The company operationalized an edible oil plant at Krishnapattanam, Andhra Pradesh, during Q2FY19. The plant has a refining capacity of 1,000MT per day.
  • Adani Enterprises also won bids from Food Corporation of India to set up silos at Darbhanga and Samastipur in Bihar having a capacity of 50,000MT.
  • The total net debt at the end of H1FY19 stood at Rs13,200cr, indicating a decrease of 13% yoy.

Technical View:

Adani Enterprises Ltd is currently trading at Rs. 170.90, up by 1.9 points or 1.12% from its previous closing of Rs. 169 on the BSE.
The scrip opened at Rs. 168.90 and has touched a high and low of Rs. 173.85 and Rs. 165.10 respectively. So far 95,82,766 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.

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