Adani Enterprises (AEL) reported a threefold jump in its third quarter consolidated net profit to ₹426 crore.
The increase in profit came on the back of a 5% increase in revenue to ₹11,075 crore and a 58% jump in earnings before tax, interest, depreciation and amortisation (Ebitda) to ₹884 crore during the quarter.
“We, at Adani Enterprises, continue to focus on incubating assets in the transportation and utilities space,” said Gautam Adani, chairman Adani Group. “These new India-centric businesses will be instrumental in the economic growth of the country, at the same time, it will endorse our work and take the benefits to masses. In our journey, we are committed to deliver world class services along with creating value for all the stakeholders.”
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In the mining services business, production volume at Parsa Kente coal mine in Chhattisgarh increased 26% to 4.71 MMT. Coal production at Gare Pelma III mine in Chhattisgarh commenced with volume of 0.06 MMT during the quarter.
The company has established India’s largest solar cell and module manufacturing unit in the Mundra SEZ. “The plant has an installed capacity of 1.2 GW fully integrated cell and module manufacturing unit. Volumes in the third quarter witnessed growth of 102% to 283 MW modules compared with 140 MW modules in Q3 FY 19,” the company said in a statement.
In the foods business, the company has maintained its leadership position with its ‘Fortune’ brand and continues to lead the refined edible oil market with more than 20% market share.
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The company has signed three concession agreements with NHAI under the Hybrid Annuity Model till date for construction of roads aggregating to 150 plus km, with project completion status of 30% in the Bilaspur-Pathrapali project at Chhattisgarh.