ManagementAdani Enterprises Q2 net at Rs 148 cr; declares bonus
Adani Enterprises today reported a 30 per cent growth in consolidated net profit at Rs 147.95 crore for the second quarter ended September 30, 2009.
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However, consolidated net sales of the company declined to Rs 5,301.06 crore in the latest quarter of this fiscal from Rs 5,877.10 crore of the same quarter a year ago, Adani Enterprises said in a filing to the National Stock Exchange.
The company"s board has declared a bonus in the ratio of 1:1 to its shareholders. The company had issued bonus twice in the past, first time in 1996 and again in 1999.
Besides, the company"s board approved the proposal to evaluate the possibility of merging the promoter entities of Mundra Port & Special Economic Zone with Adani Enterprises.
It also approved the rights issue worth Rs 1,500 crore for financing the company"s future requirement of funds for expansion, repayment of debt, working capital purposes and general corporate purposes, the company said in a statement.
Further, the board has given its nod for increasing the issue size of shares, which will be sold to the qualified institutional buyers (QIBs) on a private placement basis, to Rs 4,000 crore from Rs 1,500 crore.
The increase in the value of issuance of shares to QIBs is in view of the expansion of various projects.
For the half-year ended September 30, 2009, the company posted a consolidated net profit of Rs 275.62 crore, up 33 per cent compared to Rs 207.28 crore of the corresponding period a year earlier.