Adani Enterprises (AEL), the flagship company of the Adani Group, on Thursday reported over 3-fold jump in its consolidated net profit at Rs 601.20 crore for the first quarter ended June 30, 2019. This includes one-time income of Rs 328 crore recognised in mine developer and operator (MDO) business.
"The Gautam Adani-led company had posted a consolidated net profit of Rs 169.38 crore during the same quarter last year," Adani Enterprises said in a filing to the Bombay Stock Exchange.
Consolidated revenue from operations increased by 39.74 per cent to Rs 10,561.37 crore in April-June quarter of the current fiscal as against Rs 7,557.78 crore in the year-ago period, AEL said in a regulatory filing.
The company's EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) jumped 85 per cent to Rs 896 crore in Q1FY20 versus Rs 484 crore in Q1FY19.
"Adani Enterprises continues to make significant strides in lining up the next set of businesses that included airport management, data centre parks, roads, water infrastructure and defense and aerospace. It's business portfolio has never been such stronger and each of these businesses led by focus on growth markets with offerings in the right product segments and compelling value proposition," said Gautam Adani, Chairman Adani Group.
During the quarter under review, MDO volume increased by 11 per cent to 2.39 Million Metric Tonnes (MMT) versus 2.15 MMT in the year-ago period.
"In MDO business at Parsa Kentecoal 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 per cent," the Adani group said.
Integrated Coal Management (ICM) volume rose by 61 per cent YoY to 18.51 MMT, while solar manufacturing volume increased to 236 megawatts (MWs) from 81MW in the previous year's quarter.
During the April-June quarter of this fiscal, the company has established India's largest solar cell and module manufacturing unit in Mundra SEZ, with an installed capacity of 1.2GW.
In the 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 per cent market share, Adani Enterprises said.
Boosted by strong Q1 earnings, shares of Adani Enterprises closed 3.98 per cent higher at Rs 130.70 apiece on the BSE on Thursday.
Edited by Chitranjan Kumar