With its name echoing in farmer protests against agri reform bills, Adani Group has said it neither buys food grains from farmers nor decides the pricing of food grains. The port-to-energy conglomerate said it only develops and operates grain silos for Food Corporation of India (FCI). "The company has no role in deciding the volume of storage as well as pricing of grain as it only a service/ infrastructure provider for the FCI," it said in a statement posted on its Twitter handle. FCI buys food grains from farmers and stores them in silos built through a public-private partnership. While private players are paid a fee for building and storing the food grains, the ownership of the commodity as well as its marketing and distribution rights, belong to FCI. FCI, it said, controls the procurement and movement of food grains for the Public Distribution System (PDS). The statement came as farmer groups in their agitation against the three farm reforms bills that among other things give farmers the freedom to sell their produce to anyone, alleged that the legislations were brought to favour Ambani and Adani. Some farm groups have alleged that the Adani group is building grain storage facilities for hoarding food grains and selling them at a higher price later. "We do not own any food grains procured from farmers, and are in no way connected to the pricing of grains," it said. Adani Group said it is in the business of developing and operating grain silos for FCI since 2005. It sets up storage infrastructure after winning competitive and transparent tender by the Government of India. Private rail lines that it built as part of these tenders are to facilitate the movement of grains from silo units to their distribution centres across India, the statement said. FCI, it said, awarded such contracts with a view to modernising the storage and transport infrastructure in the country so that food grains could be safely stored and quality stuff is supplied to the PDS system. "Using ongoing issues for mudslinging is a clear attempt to not only tarnish the reputation of a responsible corporate but also misguide public opinion and hurt their sentiment," Adani Group said. FCI has partnered with private investors to commission high tech silos equipped with latest fumigation and preservation techniques for food grains for two to four years and dispatch it in bulk form through special trains across India. It is estimated that since inception, some of the prominent private food storage facilities have registered an average direct receipt, from farmers, of around 80,000 tonnes per year in the last five years.

Adani Enterprises Ltd, (AEL) part of the Adani Group, today announced its results for the fourth quarter ended March 31, 2020.

Financial Highlights (Consolidated):

Consolidated Total Income for the FY20 increased by 8% to Rs. 44,086 crores vs Rs. 40,951 crores in FY19. The EBIDTA for the FY20 increased by 17% to Rs. 2,968 crores vs Rs. 2,541 crores in FY19. The PAT attributable to owners for FY20 rose 59% to Rs. 1,138 crores vs Rs.717 crores in FY19.

Consolidated Total Income for the quarter increased by 2% to Rs. 13,698 crores vs Rs. 13,473 crores for the corresponding quarter in the previous year. The EBIDTA for the quarter remained at Rs. 647 crores vs Rs. 943 crores in Q4 FY 19. The PAT attributable to owners for Q4 FY 20 was Rs. 61 crores vs Rs. 283 crores in Q4 FY 19.

“Adani Enterprises Limited has always strived towards nation building, through its business endeavours which focuses on creating excellent infrastructure capabilities to accelerate the growth. With the COVID-19 pandemic has brought things to a halt, we at Adani will persistently support our fellow Indians through these testing times. We aim to emerge stronger once situations normalize. The emphasis will be on continued incubation of future businesses and create value for our stakeholders in the long term.” said Mr. Gautam Adani, Chairman Adani Group.

Business Highlights:

1. Mining Services

In Mining Services business, production volume at Parsa Kente coal mine in Chhattisgarh stood at 4.53 MMT vs 4.92 MMT in Q4 FY 19. Recently, the coal production has started at Gare Pelma III mine in Chhattisgarh and the volume during the quarter is 0.45 MMT.

2. Solar Manufacturing

The company has established India’s largest solar cell and module manufacturing unit in Mundra SEZ. The plant has an installed capacity of 1.2 GW fully integrated cell and module manufacturing unit. Q4 FY 20 volume was at 193 MW modules vs 260 MW modules in Q4 FY 19.

3. Agro

In food business, the company has maintained its leadership position with its “Fortune” brand and continues to lead the refined edible oil market with more than 20% market share.

4. Roads

The company has signed three concession agreements with NHAI under Hybrid Annuity Model for construction of roads aggregating to 150+ KMs, with project completion status of 40% in Bilaspur-Pathrapali project at Chhattisgarh. It has also received two letters of award from NHAI for construction of roads aggregating to 60+ KMs in the state of Andhra Pradesh and Madhya Pradesh.

5. Airport Services

The company has won bids for six airports at Ahmedabad, Mangalore, Lucknow, Trivandrum, Jaipur and Guwahati, out of which concession agreements have been signed for Ahmedabad, Mangalore and Lucknow.

About Adani Enterprises

Adani Enterprises Limited (AEL) is the flagship company of Adani Group, one of India’s largest business conglomerates. AEL is a fast-growing company with a diversified business portfolio comprising integrated coal management and mining services, solar modules manufacturing as well as edible oil business. Through its efficient, competitive and profitable B2B and B2C operations, the company is enhancing access to basic services such as electricity through timely coal supplies, helping to create a clean environment, delivering quality food grain and providing a healthy cooking medium. In doing so, Adani Enterprises is playing a key role in fostering a better future for the people.