Adani Enterprises Consolidated PAT rose 62 percent to Rs 340 cr in Q3FY17

Ahmedabad, February 14, 2017: Adani Enterprises Ltd, (AEL) part of the Adani Group, today announced its results for the third quarter and nine months ended December 31, 2016.

Financial Highlights:
The Consolidated Income from Operations for nine months is Rs 25,119 crore while the consolidated EBIDTA is Rs 2,092 crore. The consolidated PAT for 9MFY17 is Rs 767 crore.
The Consolidated Income from Operations for the quarter is Rs 8,606 crore. The consolidated EBIDTA for the quarter is Rs 705 crore. The consolidated PAT for Q3FY17 is Rs 340 crore. As in the previous quarter, company has maintained its financial performance on comparable basis with contribution from mining, city gas and renewable businesses.

 

“The robust platform of processes, resources and business portfolio is capable to cater emerging needs of the country. Government initiatives to curb the parallel economy and other reforms augur well for our businesses. We at Adani Enterprises continue to focus on business opportunities with sustainable returns and value enhancement,” said Mr. Gautam Adani, Chairman Adani Group.
“Adani Enterprises demonstrated encouraging performance backed by mining, city gas and renewable businesses. Government’s focus of strong spending on infrastructure and energy space coupled with improving utilization and cost optimization enables the company to deliver on its growth plans,” said Mr Ameet Desai, Executive Director AEL.

 

Business Highlights:

1. Mine Development and Operations (MDO)

In Mine Development and Operations (MDO) business at Parsa Kente, the company has supplied washed coal of 5.12 MMT to RRVUNL in 9MFY17 as compared to 3.71 MMT in 9MFY16, higher by 38%. With Government policy thrust, it envisages significant growth in domestic coal mining space.
 

2. 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.

3. Agro

In edible oil business, the company has maintained its leadership position with its Fortune brand and continues to dominate the refined edible oil 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. The implementation at two new projects for FCI is progressing as per the plan.

4. Renewable Energy

At solar power generation, the company has commissioned 100 MW in Punjab, which is the largest project in India with Single Axis Tracking technology. With this, it has operational projects of 760 MW of solar and wind power. Further, pipeline of 1414 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.

5. Overseas Mining

The coal mining business in Indonesia is running well. The company has extracted 3.11 MMT of coal in 9MFY17. During the Q3, the Indonesia mine faced abnormal rains due to seasonal effect. While recovery in production is expected in Q4, however there may be some shortfall in target 5.5 MMT.