However, its solar manufacturing volume rose by 78 per cent to 278 Mw in the second quarter this fiscal from 156 Mw in the corresponding quarter last fiscal. The company has established India’s largest solar cell and module-manufacturing unit in Mundra special economic zone (SEZ). The plant has an installed capacity of 1.2 Gw fully-integrated cell and module manufacturing unit.
Commenting on the results, Gautam Adani, Chairman Adani Group
said the company is now looking forward to building the next set of businesses such as airport management, data centre parks, roads, water infrastructure, and defense & aerospace. "We are committed to addressing the challenges in infrastructure building, contributing to the economic growth of the nation and delivering higher shareholders value," Adani added.
Having successfully bid for six airports, the Adani Group
has justified what it is being seen as an aggressive approach in the airports business. In a post-earnings call of AEL today, group chief financial officer Jugeshinder Singh said that the company was looking at the airports business "very differently".
"Airports (in India) have not been run as businesses but as a combination of property and billing duty-free. Airports are lot more than that. For example, for 60 million passengers at Delhi airport, the footfall of people visiting that area is 180 million with zero amenities available. We are experts in infrastructure and we know what we need to do. At Adani Group, we will service everybody who comes to our property (not just passengers). Our airports will be consumer-focused. We will look at the airports business differently," Singh said.
The group has aligned a total capex of Rs 26,000 crore for the next five years, the bulk of which will go for AEL's airport business. AEL has already earmarked a fully-funded capex plan of Rs 1,800 crore by the end of the current fiscal 2019-20. As against this, its total debt book stands at Rs 10,580 crore, including that from its integrated coal management business, Singh added.
Meanwhile, Singh said in the post-earnings call that AEL's Australian coal business is expected to see the first lot of coal being mined out by August 2021. Peak production in the first phase of the Australian coal project is estimated at approximately 10 million tonnes (5,500 kcal). Singh said that including mine and rail investment, the total project cost is pegged at $2.6 billion of which $1.1 billion has already been invested.
"For the capex program for the next 6 months (in the Australian coal business) we are fully funded. The mine has capacity to go much higher and can be ramped up as and when the demand goes up. In the second phase, we can scale up to closer to 20 million tonnes," Singh added.