Adani Enterprises net at ~141 crore
Led by segmental performance growth in renewable energy and city gas distribution (CGD), Adani Enterprises Limited (AEL) registered a consolidated net profit of ~141.15 crore for the first quarter ended June 30 of fiscal 2017-18. The flagship company of the $12-billion Adani Group had posted a consolidated net profit of ~369.24 crore for the corresponding period last year.
AEL’s total consolidated income stood at ~8,871.29 crore in Q1 of FY18 while the same was at ~9174.06 crore in Q1 of FY17. On a standalone basis, Adani Enterprises saw its Q1 net profit close at ~22.97 this fiscal, as against ~196.91 crore in Q1 of previous fiscal. AEL’s standalone total income stood at ~3,145.65 crore for the quarter ended June 30, 2017, as against ~2,371.55 crore for the quarter ended June 30, 2016.
Among its business segments, renewable energy, CGD and trading saw higher Q1 net profits of ~81.62 crore, ~77.70 crore and ~187.87 crore, respectively in fiscal 2017-18 as against ~33.58 crore, ~54.68 crore and ~82.99 crore for Q1 of FY17.
In its renewable energy business, the company operationalised projects of 808 Mw with a further pipeline of 1,280 Mw of projects under various stages of implementation across India. In Q1 of FY18, AEL generated 362.99 million units (MU) Kw/h as against 104.94 MU Kw/h in Q1FY17 on account of operationalising projects.
As against just four cities of Ahmedabad, Vadodara, Faridabad and Khurja, AEL is at various stages of implementation of piped natural gas services to households, industrial and commercial consumers as well as compressed natural gas for automobiles through its 50:50 joint venture with Indian Oil Corporation for around seven cities.
The joint venture has been awarded the CGD project in Allahabad, Chandigarh, Ernakulam, Daman, Panipat, Udham Singh Nagar and Dharwad, of which operations have started in Chandigarh and Allahabad, while the rest are at various stages of implementation.
AEL’s CGD volumes were up by 14 per cent to 110.3 million metric standard cubic metres (mmscm) for the period. Rajiv Nayar, Group CFO, Adani Group termed the quarterly performance of AEL “satisfactory” on account of renewable business witnessing accelerated growth momentum.