Adani Enterprises today reported 53 per cent growth in consolidated net profit at Rs 473.78 crore for the fourth quarter ended March 31, largely due to some one time gains made by the company.
The Adani group flagship had reported consolidated net profit of Rs 309.45 crore during Q4 of 2011-12 fiscal.
On standalone basis, Adani Enterprises plunged into net loss of Rs 73.61 crore in Q4, as against net profit of Rs 170.55 crore in the year ago period, as its expenditure overshot net sales. The interest outgo increased by 156 per cent to Rs 131.79 crore, it said in a filing on the BSE.
The company’s standalone net sales stood at Rs 3,418.70 crore, but the total expenditure was at Rs 3,440.75 crore in the last quarter.
On consolidated basis, its Q4 net sales grew by a meagre 8.29 per cent at Rs 11,472.12 crore vis-a-vis Rs 10,594.29 crore in Q4 of FY12, Adani said in a filing to the BSE.
It said it had two one-time gains and a settlement during the quarter, resulting into a total gain of Rs 444.70 crore.
This includes divestment of Abbot Point Terminal in Australia by Adani Ports and SEZ Ltd to company promoters resulting into a gain of Rs 419.57 crore.
Besides, its other income, largely interest earned on deposits, rose by over 62 per cent to about Rs 308 crore during the quarter.
The rise in other income and one time gain made by the company also negated the impact of 121 per cent increase in Adani Enterprises’ interest outgo at Rs 987.52 crore, and 82 per cent rise in the tax payments at Rs 237.59 crore in the last quarter.
For the fiscal ended March, 2013, the company reported 12 per cent decline in consolidated net profit at Rs 1,612.98 crore vis-a-vis Rs 1,839.21 crore of FY12, largely due to over 91 per cent increase in interest outgo at Rs 3,492.93 crore.
Its consolidated net sales during the last fiscal rose by 18 per cent to Rs 46,368.85 crore.
In a separate statement, the company said that during the year, it started its MDO (Mine Development and Operations) business and begun coal production and delivery from Parsa Kante block in Chhattisgarh.
Adani group Chairman Gautam Adani said: “We have repeatedly demonstrated our excellence at seamless project execution and operational stabilisation among uncertainties. We will exhibit similar resilience in overcoming all challenges...”