Hit by mark-to-market (MTM) losses on account of rupee depreciation, Adani Enterprises has plunged into a consolidated net loss of R278.30 crore during the first quarter ended June 30. The flagship firm of the Adani group had posted a net profit of R402.88 crore in the corresponding quarter of the previous fiscal.
“Consolidated net loss for Q1FY14 is R278 crore due to MTM provision for rupee depreciation, non-cash items like depreciation, provision for deferred tax and higher imported coal due to limited availability of domestic coal in power business,” Adani said in a statement.
On a standalone basis also, the company reported a net loss of R135.90 crore for the last quarter. Its consolidated net sales, at R11,524.94 crore, was up 4.54% during the quarter against R11,024.59 crore of the Q1FY13.
Adani’s total expenditure, at R10,616.95 crore, amounted to over 92% of its net sales during the quarter as its costs on depreciation rose by nearly 50% to R718.41 crore.