Adani Enterprises consolidated revenue Rs 16513 cr

Ahmedabad, October 24, 2016: Adani Enterprises Ltd, (AEL) part of the Adani Group, today announced its results for the second quarter and half year ended September 30, 2016.

 

Financial Highlights:

 

The Consolidated Income from Operations for half year is Rs 16,513 crore while the consolidated EBIDTA is Rs 1,387 crore. The consolidated PAT for H1FY17 is Rs 427 crore.

 

The Consolidated Income from Operations for the quarter is Rs 7,594 crore. The consolidated EBIDTA for the quarter is Rs 580 crore. The consolidated PAT for Q2FY17 is Rs 63 crore. As in the previous quarter, company has maintained its financial performance on comparable basis with contribution from mining, city gas and renewable businesses.

 

“We continue to build our renewable energy, mining and agro infrastructure business that is critical for the Country. Robust economic growth and enabling policies would enhance opportunities. We remain focused on executing our strategy and increasing momentum of our businesses across the key sectors for long term, sustainable growth,” said Mr. Gautam Adani, Chairman Adani Group.

 

“This has been a good quarter with recurring financial performance despite multiple headwinds including market volatility for commodities. We have well-rounded growth in volume at our mining, agro and city gas businesses during the quarter. With improving economic climate and business sentiment, we expect to further boost our financial performance,” said Mr Ameet Desai, Executive Director AEL and Group CFO.

 

Business Highlights:

 

Mine Development and Operations (MDO)

 

In Mine Development and Operations (MDO) business at Parsa Kente, the company has supplied washed coal of 3.18 MMT to RRVUNL in H1FY17 as compared to 2.15 MMT in H1FY16, higher by 48%. With Government policy thrust, it envisages significant growth in domestic coal mining space.

 

City Gas Distribution

 

The company provides piped natural gas to household, industrial and commercial consumers and compressed natural gas for automobiles in Ahmedabad, Vadodara, Faridabad and Khurja. It envisage future growth through a 50:50 Joint Venture with Indian Oil Corporation which has been awarded the city gas project in Allahabad, Chandigarh, Ernakulum, Daman, Panipat, Udham Singh nagar and Dharwad. Projects are at various stages of implementation in these cities. 

 

Agro

 

In edible oil business, the company continues to dominate the refined edible oil market with its Fortune brand maintaining leadership position. The company’s top line grew majorly through edible oil as well as other food segments, on the back of good demand from the market.

In agro storage business, it has entered into service agreement with the Food Corporation of India and Madhya Pradesh Warehousing and Logistics Corporation for bulk food grains handling, storage and transportation. The total storage capacity of 8.5 lac MT food grain is spread across thirteen locations. It has won two new projects from FCI and implementation work is progressing well.

 

Renewable Energy

 

At solar power generation, the company has commissioned 74 MW out of 100 MW in Punjab, which is the largest project in India with Single Axis Tracking technology. With this, it has operational projects of 734 MW of solar and wind power. Further, pipeline of 1340 MW of wind & solar power projects are under various stages of implementation across the country.

The state of the art solar manufacturing facility at Mundra is being built with objective to control cost by integrating with eco-system around its facility. Various supporting units are being built with various partners and few are in advance stage of construction. Warehouse for supporting this manufacturing cluster is almost ready for receiving the produces from various units and the main plant construction is also nearing completion and getting ready to receive the equipment.

 

Overseas Mining

 

The coal mining business in Indonesia is efficiently running. The company has extracted 2.42 MMT of coal in H1FY17. The company is upbeat to meet yearly target of 5.5 MMT.