Adani Enterprises on Thursday reported a 14.15 per cent dip in net profit at Rs 407.28 crore for the third quarter ended December 31 on account of forex losses, and said it will exit real estate business to focus on three key areas - power, ports and mining.
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Adani Group flagship company had posted net profit of Rs 474.41 crore in the October-December quarter in 2010-11.
Its consolidated net sales, however, rose 60 per cent to Rs 9,014.73 crore during Q3, vis-a-vis Rs 5,640.42 crore in third quarter of last fiscal.
The company's interest and finance charges rose over 3-fold to Rs 725.65 crore, largely on account of Rs 335-crore forex loss incurred during the quarter.
Adani announced its board's decision to exit the real estate holding company (Adani Infra Development Pvt Ltd).
"The board has approved to divest its real estate business primarily to focus on our three main verticals power, port and mining, and also to infuse additional liquidity into the system," Adani Enterprises Chief Financial Officer Devang Desai said.
"AE will exit from the real estate business. We will hive off the stake in the holding company (Adani Infra) for which the process will start soon," he said.
The Group has invested over Rs 2,000 crore in the real estate business. It has undertaken development of around 40 million sq ft of residential and commercial space in Gujarat and Maharashtra.
The company expects its coal mining operations in India to commence from middle of this year. .
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