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Adani Enterprises Says Fourth Quarter Profit More Than Doubles

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Demand for coal picked up this year as power plants stocked up the fuel. (Representational)

Mumbai:

Adani Enterprises Ltd said on Thursday that its quarterly profit more than doubled, helped by a strong performance at its key coal trading division.

The company’s consolidated profit increased to 7.22 billion Indian rupees ($88.3 million) in the fourth quarter ended March 31, from 3.04 billion rupees a year earlier.

Adani Enterprises’ mainstay coal trading business recorded a 42% jump in earnings before interest, taxes, depreciation, and amortization (EBITDA).

While coal prices fell in the quarter, the trading business benefited from higher volumes as well as cost optimisation, the company said.

Demand for coal picked up this year as power plants stocked up the fuel in anticipation of a surge in summer electricity consumption.

The company said EBITDA at its New Industries Ecosystem business, which houses its green energy operations, rose 23% in the quarter.

Adani Enterprises also said it re-appointed billionaire Gautam Adani as an executive chairman for a term of five years. ($1 = 81.7610 Indian rupees)

(Except for the headline, this story has not been edited by String Reveals staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)