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Adani's net profit surges in fiscal Q4'19 on higher coal sales

Adani Enterprises Ltd.'s attributable net profit in the fourth quarter of its fiscal 2019 jumped to 2.83 billion Indian rupees, or 2.58 rupees per share, from a year-ago net profit of 1.88 billion rupees, or 1.71 rupees per share.

Revenue from operations surged 36% year over year to 132.37 billion rupees.

Total expenses in the quarter climbed to 129.75 billion rupees from 96.01 billion rupees.

EBITDA slid 5% year over year to 9.43 billion rupees, according to a May 29 release.

Adani's board recommended a dividend of 40 paisas per share, subject to shareholder approval. It named Jugeshinder Singh CFO, effective immediately. Singh has worked in investment banking at Merrill Lynch, Macquarie Bank and the Commonwealth Bank of Australia.

At its next annual meeting of shareholders, Adani plans to seek approval to raise up to 50 billion rupees via capital markets.

The company's coal mine development and operations at the Parsa Kente coal mines in Chhattisgarh, India, recorded a 90% year-over-year surge in volumes to 3.7 million tonnes.

In full fiscal 2019, Adani's net profit slid to 7.17 billion Indian rupees from 7.57 billion rupees a year ago.

Revenue grew to 403.79 billion rupees from 359.24 billion rupees a year ago, with expenses growing to 404.25 billion rupees from 358.04 billion rupees

Full-year washed coal supplies at Parsa Kente jumped 72% year over year to 12.1 million tonnes.

As of May 29, US$1 was equivalent to 69.87 Indian rupees.