Adani Enterprises Ltd, the flagship company of the $6-billion Adani Group, on Thursday said its net profit in the third quarter of the current fiscal decreased by 14.2 per cent and announced it will divest its holding in the real-estate business in which it has pumped nearly Rs 2,000 crore so far.

While the company's turnover in the third quarter of 2011-12, ended December 31, increased by 60.2 per cent to Rs 9,037.98 crore (Rs 5,642.6 crore), net profit declined by 14.2 per cent to Rs 407.28 crore (Rs 474.41 crore), as compared to the corresponding period in the last fiscal year, said Mr Devang Desai, Chief Financial Officer.

On Thursday, the share of Adani Enterprises on the Bombay Stock Exchange closed 4.3 per cent down at Rs 392.55.

Profit fell due to losses on account of exchange-rate fluctuations.

“We had booked Rs 563 crore worth of foreign exchange in the third quarter when the dollar was worth Rs 53. This remains to be realised now,” he said.

Adani Infrastructure Development Pvt. Ltd, a wholly owned subsidiary of Adani Enterprises and realty arm of the Group, is currently developing 40 million sq. ft at various places, including Shantigram, the 600-acre mega-township near here. The company's board of directors has decided to divest its holding in the real-estate business subject to approvals, Mr Desai said.

The decision has been taken so that the company “focuses on its core businesses, viz. the three verticals of ports, power and mining.” The divesting process will also increase liquidity for the Group.

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