Adani Enterprises has reported a net loss of Rs.278 crore for the first quarter ended June 30, 2013, as compared to a net profit of Rs.402.88 crore in the corresponding period of the previous year.
During the period, total income was higher at Rs.11,547 crore against Rs.11,036 crore.
“We are confident of overcoming the present difficulties faced by the power sector and enriching its financial performance in the ensuing quarters. Our integrated business model of resources, logistics and energy sectors is best suited to reap benefits of sustainable growth,” Gautam Adani, Chairman, Adani Group, said.
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“Our quarterly financial performance has been adversely affected due to sudden currency volatility and continuing constraints of coal availability, transmission bottleneck and tariff-related issues in the power business. We follow a judicious currency hedging policy in line with our business aligned financial strategy. With focussed efforts, we shall ensure sustainable returns from the power business and improve our overall performance,” Devang Desai, CFO, Adani Group, and Executive Director, Adani Enterprises, said.