Adani Enterprises posts Q1 loss at Rs 278 cr on forex loss

Moneycontrol Bureau

Adani Enterprises posted a net loss of Rs 278 crore during April-June quarter as against net profit of Rs 402.9 crore in a year ago period, impacted by higher forex loss and weak power business.
Devang Desai, CFO Adani group and executive director said, "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." Also Read - Adanis close to acquiring Dhamra Port
Consolidated total income rose lower-than-expected 4.6 percent year-on-year to Rs 11,547 crore during the quarter.
Analysts on an average had expected it to report net profit of Rs 308 crore on revenues of Rs 12,704 crore.
However, earnings before interest, tax, depreciation & amortisation (EBITDA) increased higher-than-expected 79 percent Y-o-Y to Rs 1,937 crore and operating profit margin (ex-forex loss) jumped 810 bps on yearly basis to 17.9 percent in first quarter. According to a CNBC-TV18 poll, EBITDA and EBITDA margin (ex-forex loss) were expected to be at Rs 1,896 crore and 14.9 percent, respectively.
Derivatives loss widened to Rs 528 crore from loss of Rs 245 crore while foreign exchange loss increased to Rs 417.7 crore from Rs 359.2 crore year-on-year.
Other income jumped to Rs 289 crore in first quarter from Rs 186.7 crore in a corresponding quarter of last fiscal.
The stock fell 0.33 percent to close at Rs 166.35 on the BSE.