Adani Enterprises consolidated income rose by 15% to Rs 11,036 cr, consolidated EBIDTA stood at Rs 1,267 cr

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Editor’s Synopsis

Adani Enterprises Ltd, the flagship company of the Adani Group, a global integrated player, today announced its results for the first quarter ended June 30, 2012.

The consolidated income rose by 15% to Rs 11,036 crore in Q1 FY13, against Rs 9,596 crore of Q1 FY12. While, the consolidated EBIDTA increased to Rs 1,267 crore against Rs 1,222 crore in the corresponding quarter last year, driven by higher contribution from the port business. The consolidated net profit stood at Rs 403 crore in the first quarter ended June 30, 2012 compared to Rs 570 crore in same period last year.

While the port and coal trading businesses continue to grow on a steady basis, higher fuel costs due to expensive imports resulting out of lack of domestic coal supply continued to impact our power business.

Commenting on the results, Gautam Adani, Chairman Adani Group, said, “Adani Enterprises continues to reap benefits of synergy & integration of their core businesses in Resources, Logistics and Energy. The quarterly performance is adversely affected by power sectoral issues which are beyond our control such as short fall against linkage of domestic coal, high prices of imported coal and limited availability of transmission line. We are working with the concerned authorities to arrive at a solution and are confident that our power business shall generate the envisaged return shortly, creating value for its stakeholders.”

Devang Desai, CFO Adani Group and Executive Director, Adani Enterprises, said, “We have achieved the highest volume in all our businesses and continue to be market leaders in our coal trading, power generation & port business. We expect the overall performance from our businesses to improve substantially as the recent investment in power, port and mining start generating returns and are fully committed in creating sustainable value for all its stakeholders.”
 

Business Highlights:

 

1. Coal Mining


Adani Enterprises is set to commence MDO operations in this quarter in Chhattisgarh.

Our Australian mining venture business is well on track. The company has submitted the draft EIS to Coordinator General for Carmichael Mine & Rail projects in Queensland, Australia. The environment and other permissions are as per the schedule and are expected by the last quarter of this financial year.

We are also expecting the financial closure during this year and will start construction of mine, rail and port capacities. The operations of overburden removal at Australian mine is expected to begin in November 2013.

2. Port Operations


During the quarter, Adani Ports and SEZ (APSEZ) continued with the outstanding performance and retained a prominent position in the market. Backed by continuous growth in volumes and commissioning of new port projects in this fiscal will give a further impetus to emerge as a world class port infrastructure operator.

The cargo growth was 9% in Adani Ports while there was de-growth of 6% in all other major ports put together. The company also increased its market share to over 11%, up by 1%. Even on the container side the company has outperformed other container ports by registering a 25% growth compared to no growth at other container terminals. Adani Ports' market share in containers has risen to 18%, up by 3%. APSEZ emerged as the only private sector port operator with presence across six ports in India.

3. Power Generation


Adani Power (APL) commissioned India’s largest private sector High Voltage Direct Current transmission system that traverses along three states – Gujarat, Rajasthan and Haryana.

Adani Power has signed a fuel supply agreement with Coal India Ltd for its 3 units of 660 MW each at the Mundra Power plant. Adani Power has filed adjudication petition with the Regulatory Commission which was heard on 19th July 2012. Regulatory Commission heard it and directed Gujarat and Haryana Utilities to furnish its response in the matter within three weeks from the date of hearing and one week thereafter for APL to file rejoinder. Next date of hearing is 28th August 2012.

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