Adani Enterprises Ltd, flagship company of the Gautam Adani-led Adani Group, on Monday reported a 63 per cent decline in standalone net profit at Rs 81 crore for the quarter ended September 30, 2016, as against Rs 217 crore reported in the same quarter a year ago.
Total standalone income for the quarter stood at Rs 1,798 crore as against Rs 1,980 crore.
For the half-year period, the company reported standalone net profit of Rs 278 crore as against Rs 294 crore, down over 5 per cent. Total income for the half-year stood at Rs 3,944 crore as against Rs 4,386 crore in the corresponding period last year.
On a consolidated basis, the company's net profit fell to Rs 63 crore as against Rs 299 crore in the corresponding quarter last year. Total consolidated income from operations stood at Rs 7,594 crore against Rs 9,075 crore last year.
For the half-year period, the company's consolidated net stood at Rs 427 crore against Rs 662 crore in the same period last year, showing a decline of 35 per cent on a year-on-year basis. Total income from operations for the half-year stood at Rs 16,513 crore as against Rs 17,962 crore. Consolidated EBIDTA stood at Rs 1,387 crore.
"This has been a good quarter with recurring financial performance despite multiple headwinds, including market volatility for commodities. We had well-rounded growth in volume at our mining, agro and city gas businesses during the quarter," said Ameet Desai, Executive Director AEL and Group CFO.
Commenting on the financial results, Gautam Adani, Chairman, Adani Group said, "Robust economic growth and enabling policies would enhance opportunities. We remain focused on executing our strategy and increasing the momentum of our businesses across the key sectors for long-term, sustainable growth."
AEL shares ended positive on the National Stock Exchange (NSE) at Rs 71.45, marginally up from its previous close.