Adani Enterprises Ltd (AEL), the flagship company of diversified conglomerate Adani Group, on Friday, reported a 551 per cent increase in consolidated profit after tax (PAT) and a 30 per cent increase in consolidated income in the third quarter of 2014-15, ended December 31, 2014, compared to the corresponding period last fiscal.
While the company’s income was Rs 17,850 crore (Rs 13,739 crore), PAT stood at Rs 444 crore (Rs 68 crore), according to a statement here.
The Adanis had recently awarded a $2-billion mine operations contract to Australian engineering firm Downer EDI for Carmichael Coal Mine project in Queensland, Australia. Downer will be responsible for statutory management, mine operations, drilling, blasting, load and haul of waste and coal.
Meanwhile, the company said, Adani Power has signed a binding term sheet to acquire 100 per cent stake in Korba West Power Company Ltd.
“Recently we have signed a memorandum of understanding (MoU) with SunEdison Inc to jointly invest $4 billion in setting up India’s largest integrated solar photovoltaic manufacturing facility in Mundra, Gujarat, and also signed a MoU with Australian energy major Woodside Energy for exploring business opportunities across a broad spectrum in the oil and gas sector in India”, said Gautam Adani, Chairman, Adani Group.
The board of directors of AEL also approved a scheme of arrangement that will simplify corporate structure and is a decisive step towards unlocking the potential value of the Adani Group companies, he said.
The scheme will drive next level of value creation, competency, decision-making and would be able to accelerate the business growth.
Ameet Desai, CFO, Adani Group, and Executive Director, Adani Enterprises, said: "The Group’s overall performance improved due to higher contribution from coal, ports and logistics and power businesses.''
"Shareholders would continue to participate in the growth and progress of the Adanis, with direct shareholding in the respective listed companies. In addition they would also get shares in Adani Transmission Ltd, one of the largest private sector transmission companies with over 5,000 circuit km of transmission lines across western, northern and central Indian states,'' he added.