Adani Enterprises Limited (AEL) reported a 78.44% drop in net profit for the fourth quarter to ₹61 crore compared with the year-earlier period.
The drop in profit came on a 2% increase in revenue to ₹13,698 crore. EBITDA for the quarter fell 31.38% to ₹647 crore.
Gautam Adani, chairman, Adani Group, said, “COVID-19 has brought things to a halt. We aim to emerge stronger once the situation normalises.
“The emphasis will be on continued incubation of future businesses and create value for our stakeholders in the long term,” the chairman added.
The company has lined up capital expenditure worth ₹10,000 crore for FY21 of which ₹5,000 crore would be spent on the airports vertical alone.
In the mining services business, the production volume at Parsa Kente Coal Mine in Chhattisgarh fell dropped to 4.53 million metric tonnes (MMT) compared with the 4.92 MMT clocked in Q4 FY19.
“Recently, the coal production has started at Gare Pelma III Mine in Chhattisgarh and the volume during the quarter is 0.45 MMT,” said the company in a statement.
In solar manufacturing, the company has established one of India’s largest solar cell and module manufacturing units in Mundra SEZ.
The company’s production volume during Q4 FY20 fell to 193 MW of modules compared with 260 MW of modules in Q4 FY19.
“In food 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,” said the company statement.
In roads sector, the company has signed three concession agreements with NHAI under the hybrid annuity model for construction of roads aggregating to 150-plus kilometre, with project completion status of 40% in Bilaspur-Pathrapali project at Chhattisgarh. It has also received two letters of award from NHAI for construction of roads aggregating to 60-plus kilometre in the States of Andhra Pradesh and Madhya Pradesh.
In airport services, the company had won bids for six airports at Ahmedabad, Mangaluru, Lucknow, Thiruvananthapuram, Jaipur and Guwahati, out of which concession agreements had been signed for Ahmedabad, Mangaluru and Lucknow.
AEL shares on the BSE closed up marginally to ₹133.30 in a firm Mumbai market on Wednesday.