Adani Enterprises on Saturday reported a massive six-fold increase in consolidated net profit at Rs 2,847.82 crore for the January-March quarter, boosted by gains from compensatory tariff for its arm Adani Power.
The flagship firm of Adani Group had earlier reported a net profit of Rs 473.78 crore in the fourth quarter of FY'13. The company's total income also increased to Rs 16,171 crore in March 2014 quarter as against Rs 11,512.9 crore in the corresponding quarter last financial year. Another substantial jump was seen in the company’s derivative gain. Derivative gain during the quarter stood at Rs 240.31 crore over Rs 69.72 crore in the corresponding period a year-ago.
“Income from operations includes revenue recognised by one of the subsidiary companies i.E. Adani Power ltd amounting to Rs 1,843.12 crore towards the compensatory tariff comprising of lump sum compensation of Rs 829.75 crore till March 2013 and Rs 1,013.37 crore from April, 1 2013 to March 31, 2013,” the company said in it official statement.
Adani Enterprises' mainstay trading business reported a marginal 0.9 per cent increase in revenues at Rs 5,203.53 crore in the last quarter, while income from port business reported a decline. Company’s port business registered a fall of 7.27 per cent to Rs 791.77 crore.
Revenue from power business on the other hand rose to Rs 6,125.34 crore in the quarter as against Rs 1,924.53 crore a year ago. The total expenses of the company jumped 22.8 per cent to Rs 13,000.75 crore. On the financial costs front, the company reported a rise in its interest payments. Company’s financial costs in Q4 Fy14 rose to Rs 179.31 crore as against Rs 131.79 crore during the same quarter last financial year.