Adani Enterprises has reported a 8.64 per cent growth in consolidated net profit to Rs 552.68 crore for the second quarter ended September 30, 2011 on the back of higher revenues from coal trading, port and power businesses.
The company had reported a net profit of Rs 508.75 crore during the same period last fiscal.
Net sales jumped over 75 per cent to Rs 10,078.73 crore during the quarter under review vis-a-vis Rs 5,750.25 crore in the July-September quarter of 2010-11, the company said in a regulatory filing.
Its gross revenues from coal trading business went up by about 64 per cent to Rs 4,889.13 crore, while its power business reported a growth of over 180 per cent to Rs 1,107.85 crore, the filing added.
Besides this, Adani’s port business jumped over 97 per cent to Rs 760.74 crore.
“The port and power businesses continue to fuel growth and will be the key drivers to take Adani Enterprises to new frontiers and leadership position in the coming few years,” the company Chairman, Mr Gautam Adani, said separately in a statement on the results.
Adani Power generated 6,488 million units of electricity between April and September, the statement said, adding that it now had a total generation capacity of 2,640 MW as on September 30, 2011.
Mundra Port and SEZ (MPSEZ), another subsidiary of the company that handles the port business, handled 38.15 million tonnes (mt) cargo between April-September.
MPSEZ aims to have a total cargo handling capacity of about 300 mt by 2012-13, which includes Australia’s Adani Abbot Point Coal Handling Terminal. Mundra port’s cargo handling capacity now stands at 165 mt.
The company expects that Adani Mining will take off in early 2012 as the mining arm has got preliminary nod to develop and operate Parsa East and Kante Basan coal blocks, which are estimated to hold 452 mt of coal reserves.
Shares of the company closed today at Rs 455.75 apiece on the BSE, down 0.45 per cent from the previous close.