Adani Enterprises net profit increases 2.5 times at Rs601cr; stock rises 3%

The consolidated total income for the quarter increased by 39% to Rs10,686cr vs. Rs7,664cr for the corresponding period in the previous year.

Aug 08, 2019 09:08 IST India Infoline News Service

adani ent
Adani Enterprises Ltd, (AEL) part of the Adani Group, announced its results for the first quarter ended June 30, 2019. The PAT attributable to owners for Q1FY20 increased 2.5 times to Rs601cr vs. Rs169cr in Q1FY19. This includes a one-time income of Rs328cr recognized in MDO business.

The consolidated total income for the quarter increased by 39% to Rs10,686cr vs. Rs7,664cr for the corresponding period in the previous year.

The EBIDTA for the quarter increased 85% to Rs896cr vs. Rs484cr in Q1 FY19.

“Adani Enterprises continues to make significant strides in lining up the next set of businesses that included airport management, data center parks, roads, water infrastructure and defense & aerospace. It's business portfolio has never been such stronger and each of these businesses led by a focus on growth markets with offerings in the right product segments and compelling value proposition,” said Gautam Adani, Chairman Adani Group.

Adani Enterprises Ltd is currently trading at Rs130.15, up by Rs4.45 or 3.54% from its previous closing of Rs125.70 on the BSE.

Business Highlights:
1.Mine Development and Operations (“MDO”)
In MDO business at Parsa Kente coal mines in Chattisgarh, the Company has supplied washed coal of 2.39 MMT to RRVUNL in Q1FY20 as compared to 2.15 MMT in Q1FY19, showing an increase of 11%.

2.Solar Manufacturing
The company has established India’s Largest Solar Cell and module manufacturing unit in Mundra SEZ. The plant has an installed capacity of 1.2 GW fully integrated cell and module manufacturing unit. Q1FY20 volumes increased by 191% to 236 MW modules vs 81 MW modules in Q1FY19.

3.Agro
In food business, the company has maintained its leadership position with its “Fortune” brand and continues to lead the refined edible oil market with more than 20% market share.

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