Adani Enterprises Consolidated PAT rose 43% to Rs 380 crore in Q1FY16 on comparable basis post demerger

Consolidated EBIDTA rose 18% to Rs 933 crore in Q1FY16 on comparable basis post demerger

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Editor’s Synopsis

  • In Q1FY16, Coal Trading volume is 18.3 MMT
  • In Q1FY16, Coal Mining volume grew by 99% to 1 MMT
  • In Q1FY16, City Gas Distribution volume is 93 MMSCM
  • In Q1FY16, Agro volume grew by 34% to 0.4 MMT

After adjusting for demerger, on comparable basis:

  • Consolidated Income from operations for Q1FY16 is Rs 11,275 crore vs Rs 12,429 crore in Q1FY15. The decline in sales is on account of reduction in sales of bunkering business
  • Consolidated EBIDTA for Q1FY16 grew by 18% to Rs 933 crore vs Rs 790 crore in Q1FY15
  • Consolidated PAT for Q1FY16 grew by 43% to Rs 380 crore vs Rs 265 crore in Q1FY15
  • Net Debt to Networth position is 1.5 : 1
  • Net Long Term Debt to Networth is 0.4 : 1

Business Highlights:
Adani through a SPV, Adani Green Energy Ltd signed MoU with Tamil Nadu Generation and Distribution Corporation Ltd (TANGEDCO) for setting up 648 MW solar power units
 
Ahmedabad, August 11, 2015: Adani Enterprises Ltd, the flagship company of the Adani Group, today announced its results post demerger of Ports, Power and Transmission undertakings w.e.f 1st April 2015 for the first quarter ended June 30, 2015.
 
Financial Highlights:
 
The Consolidated Income from Operations for quarter is Rs 11,275 crore against Rs 12,429 crore in the corresponding period last year on comparable basis. The consolidated EBIDTA increased by 18% to Rs 933 crore against Rs 790 crore in the corresponding period last year on comparable basis. The consolidated PAT for Q1FY16 increased by 43% to Rs 380 crore against Rs 265 crore in the corresponding period last year on comparable basis. All the business verticals viz. Coal Trading, MDO, Agro and City Gas Distribution businesses continue to grow.
 
Mr Gautam Adani, Chairman Adani Group, said, “Post demerger, Adani Enterprises continue to focus on Renewable Energy, Coal Trading, Mine Development & Operations, Agro and CGD. This focused approach will drive next level of value creation and would accelerate the business growth. We have embarked upon renewable energy space in line with the national objective.”
 
Mr Ameet Desai, CFO Adani Group and Executive Director, Adani Enterprises, said, “Our financial performance reflects the improved margins in our Coal Trading, Mine Development & Operations and Agro business. With progressive policy measures by the Government, we believe that Adani Enterprises is better placed to tap the growth potential in domestic mining and renewable energy space. We remain committed to leverage these opportunities and deliver sustainable growth.”
 
Business Highlights:
 
1. Coal Trading
The Company provides end to end procurement and logistics services to its customers. The major coal sourcing is from suppliers in Indonesia, South Africa and other locations and supplies it to various customers in India. 
The company has continued to deliver industry leading performance with coal trading volume of 18.3 MMT in Q1FY16.
 
2. Mine Development and Operations (MDO) 
In Mine Development and Operations (MDO) business, the Company has 3 coal blocks i.e Parsa Kente, Parsa and Kente Ext. Parsa Kente coal block was the first MDO to be operationalise in the country. The company is steadily ramping up coal production and extracted raw coal of 1.13 MMT, washed coal production of 0.98 MMT and washed coal dispatch to RRVUNL is 0.96 MMT in Q1FY16.
With the Coal Mines (Special Provisions) Act, 2015 and policy measures by the Government, the company looks forward to strengthen & grow its presence in the MDO business.
 
3. Renewable Energy
Adani Enterprises through a SPV has signed MoU with Tamil Nadu Generation and Distribution Corporation Ltd (TANGEDCO) for setting up 648 MW solar power units.
Adani Enterprises through a SPV has signed 50:50 JV with the Government of Rajasthan to develop 10 GW of Solar Park.
 
4. Other Businesses
Adani Gas has operational City Gas Distribution (CGD) network spread across Ahmedabad, Vadodara, Faridabad and Khurja. Under joint venture, it has been awarded the authorizations for setting up CGD Network in Allahabad, Chandigarh, Ernakulum, Daman, Panipat, Udham Singh Nagar and Dharwad. The projects are at various stages of implementation in these cities.
 
In agro segment, the company’s performance is driven majorly by better sales realization coupled with lower sourcing cost. Continuing with thrust on new product launches, the company continues to focus on packed branded segment. Fortune Refined Oil continued to dominate the market and maintain its leading position.
In agro storage business, the company is setting up grain storage silos for Madhya Pradesh Warehousing and Logistics Corporation (MPWLC) on DBFOT model for 30 years concession at 6 locations in Madhya Pradesh. The company has completed projects at 3 locations and implementation work at remaining 3 locations is progressing well.
 
5. Overseas Mining 
At coal mining business in Indonesia, the company extracted 1.1 MMT of coal in Q1FY16. It expects to do about 5 MMT of coal mining in the current fiscal year.
At the Carmichael Coal Mine, the company is continuing to select its key partners for the project development and finalise key contracts and awaits reconsideration of the decision by the Federal Environment Minister.

 

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