Diversified industrial conglomerate Adani Group’s flagship company Adani Enterprises Ltd today announced a net loss of ₹43 crore on a standalone basis on the total income from operations of ₹3,119 crore for the third quarter ended December 31, 2013.
AEL had posted a net profit of ₹30 crore in the corresponding quarter previous year with the total income from operations of ₹3,301 crore.
The company shares witnessed heavy fluctuations on the stock exchanges and closed down by about one per cent at ₹238.25 on the Bombay Stock Exchange on Friday.
On a consolidated basis, AEL posted a net profit of ₹68 crore against ₹416 crore reported in the corresponding quarter previous year, showing a fall of over 83 per cent on year-on-year basis.
Consolidated total income for the quarter increased to ₹13,747 crore from ₹13,649 crore in the same period last year.
“Our port and coal trading businesses continue to grow on a steady basis, whereas our performance was affected by non-availability of domestic coal and delay in compensatory tariff in our power business,” the company informed in a statement after the announcement of financial results on Friday.
Commenting on the results, Gautam Adani, Chairman, Adani Group, said, “Our integrated business model of Resources, Logistics & Energy has an in-built resilience and adaptability. This was tested & validated over the last two years wherein the Power Business part of the model was nurtured & supported within the value chain. In the ensuing quarters, we will enjoy these synergy benefits as we see marked improvement in power business on account of tariff revisions, full availability of plant capacity and better business & growth environment.”
For the nine-month period, AEL posted a standalone net loss of ₹281 crore against a profit of ₹593 crore for the same period the previous year. Total standalone income from operations for the period stood at ₹9,090 crore against ₹8,469 crore in the corresponding period previous year.
The company posted a consolidated net loss of ₹627 crore for the nine months against a net profit of ₹1,139 crore in the previous year. Consolidated total income increased by 11 per cent to ₹38,896 crore against ₹34,950 crore in the same period last year.