Adani group flagship, Adani Enterprises Ltd (AEL) on Wednesday reported under one per cent growth in profit after tax (PAT) at Rs 570 crore for the first quarter ended June 31 because of higher interest payments and increased tax outgo.
The company 's PAT was Rs 565 crore in the same quarter of last fiscal.
Overall sales of the group rose by 63 per cent at Rs 9,596 crore in the first quarter of 2011-12 fiscal, compared to Rs 5,899 in the year-ago period.
AEL, with three large business verticals - coal trading, power generation and transmission and ports and logistics, has reported growth in volumes.
"There has been substantial increase in volumes in all the three business. The coal volume has gone up from 10.18 million tonne (MT) compared to 8.27 MT in the previous period. 2.9 billion units power has been generated compared to 1.03 billion units, while operations at port has gone to 15.08 MT from 12.62 MT," Adani Group CFO Devang Desai told reporters.
"The profit after tax is reasonable compared to interest and depreciation charges...this year when all the units have gone into operation, especially power," he said.
"There has been a lower plant load factor on account of plant shutdowns and slight increase in coal cost during the quarter," Desai said, adding that the group expects the volumes to remain robust in the remaining quarters.
"Coal trading is projected to reach 40 MT this year, while the power generation is expected to touch 19 billion units by the year end and port volumes to cross 100 MT," he said.
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