Adani Group's flagship firm, Adani Enterprises Limited (AEL) posted a standalone net profit at ₹206 core for the second quarter ended September 2020, posting a sharp recovery over a net loss of ₹81 crore in the previous quarter ended June 2020.
Standalone revenues from operations stood at ₹,2576 crore for the quarter under review as against ₹1,992 crore in the previous quarter.
The spread of Covid-19 pandemic impacted operations and financial results of the company during the quarter ended 30th June 2020 due to lockdown and restrictions. The operations across various segments have gradually shown recovery from this impact during the quarter ended 30th September 2020, AEL said in results note.
On a consolidated basis, the company posted a net profit of ₹436 crore as against a net loss of ₹66 crore in the previous quarter. Company's revenues from operations stood at ₹9,126 crore for the September quarter, which is higher from ₹5,265 crore reported in the June quarter.
In the results note, the company informed that during the September quarter, the group had written-off one of its blocks in oil and natural gas exploration business for ₹129.73 crore due to commercial unviability of the project.
Also, the group has received a favourable order of the Supreme Court with respect to its price escalation claim in the mining business. According to the order, the group recognised cumulative income of ₹328.48 crore since fiscal 2013-14.
Company's solar manufacturing revenues grew by 363 per cent to ₹950 crore in the September quarter as against ₹205 crore in the June quarter.
AEL stated that consolidated EBIDTA for the quarter increased by 76% at ₹951 crore owing to better volumes in Mining Services and Solar Manufacturing businesses.
Gautam Adani, Chairman Adani Group, said, "The ability to incubate, innovate and scale effectively and rapidly has been a defining philosophy of Adani Enterprises, and we continue to learn and further improve this model. The combination of our confidence in this business model, and our faith in India’s growth story is demonstrated through the investments we are continuing to make in additional infrastructure sectors that are critical to nation-building. Our move into roads and water infrastructure, data centre parks, and airports including the addition of the Mumbai International Airport and the Navi Mumbai International Airport provide us with a transformational platform that will help us create several strategic and growth based adjacencies for our other businesses."
AEL shares gained 1.39 per cent on BSE to end at ₹349.80 Wednesday.