Adani flagship company returns to profit, boosted by coal trading
This headline was corrected at 0857 GMT to reflect Adani Enterprises 3Q Net INR8.20B Vs. Loss INR116.3M, not Loss INR116.3BAdani Enterprises Ltd. said Tuesday that it posted a net profit for the third quarter, improving sharply from a net loss in the year-earlier period, as earnings from all reported segments improved, led by coal trading and logistics services.
The flagship company of the Adani Group conglomerate said it posted net profit of 8.20 billion Indian rupees for the quarter ended Dec. 31, compared with net loss of INR116.3 million a year earlier. Profit from its coal trading and logistics services business climbed to INR6.69 billion from INR1.42 billion, while its mining-business profit increased to INR2.74 billion from INR852.7 million. Profit from the new energy and airports businesses also increased.Group Chairman Gautam Adani said Adani Enterprises would continue to work with the twin objectives of moderate leverage and looking at opportunities to grow.
"The current market volatility is temporary," he said, adding that the group's success is thanks to strong governance, strict regulatory compliance and solid cash flow generation. Shares of listed Adani companies have fallen sharply following the publication of a report by U.S. short seller Hindenburg Research on Jan. 24. The firm alleged Adani had manipulated its share prices, among other things. Adani has denied the claims.
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