Adani Enterprises Consolidated Income from operations is Rs 8919 crore in Q1FY17

Ahmedabad, August 10, 2016: Adani Enterprises Ltd, the flagship company of the Adani Group, today announced its results for the first quarter ended June 30, 2016.

 

Financial Highlights:

 

The Consolidated Income from Operations for the quarter is Rs 8,919 crore. The consolidated EBIDTA for the quarter is Rs 807 crore. The consolidated PAT for Q1FY17 is Rs 364 crore.

 

Mr Gautam Adani, Chairman Adani Group, said, “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. We remain committed to our investment plans in Renewables and domestic Mining sectors as they align with national priorities.”

 

Mr Ameet Desai, CFO Adani Group and Executive Director, Adani Enterprises, said, “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.”

 

Business Highlights:

 

1.    Mine Development and Operations (MDO) 

 

At Parsa Kente coal block in Mine Development and Operations (MDO) business, the company is progressively ramping up its extractive capacity. It has extracted and supplied washed coal of 2.13 MMT to RRVUNL in Q1FY17 as compared to 0.96 MMT in Q1FY16. The Company continues to strengthen its competitiveness and foresee significant growth in domestic coal mining space.

 

2.    City Gas Distribution

 

Adani Enterprises is one of the largest private players in the city gas distribution space in India. It provides piped natural gas (PNG) to residential, commercial and industrial consumers and compressed natural gas (CNG) to the transport sector in Ahmedabad, Vadodara, Faridabad and Khurja. The project implementation at additional seven cities under joint venture with Indian Oil Corporation Limited is progressing well.

 

3.    Agro

 

In edible oil segment, the company’s performance is driven majorly by better sales realization coupled with lower sourcing cost. Continuing with thrust on new product launches, the company had given more focus on Rice as packed branded segment both in India and abroad. Fortune Refined Oil continues to dominate the market and maintain its leading position.

 

In agro storage business, Adani is a pioneer in the area of bulk handling, storage and transportation of food grains, providing an end-to-end bulk supply chain solution to Food Corporation of India (FCI) and various state governments. It has won two new projects from FCI and started implementation work.

 

4.    Renewable Energy

 

In solar power generation, it has constructed capacity of 648 MW in Tamil Nadu. The company has also forayed into wind power and commissioned 12 MW of wind power in Madhya Pradesh. Further pipeline of 1468 MW of wind & solar power projects are under various stages of implementation across the country. 

 

At solar manufacturing, the facility is being built to produce technologically advanced products and elaborate plans are in place to control production cost by developing the complete ecosystem within the cluster. Various ancillary units are being set up by collaborating with partners and few on our own. Important facility at sites like warehouse is nearing completion and main plant structure is underway.

 

5.    Overseas Mining 

 

The coal mining business in Indonesia is efficiently running. The company has extracted 1.22 MMT of coal in Q1FY17 and expects to extract about 5.5 MMT of coal in the current fiscal year.