Adani Enterprises Posts 97% Profit Drop Amid Coal Volume Decline
Adani Enterprises Ltd reported a 97% drop in third-quarter net profit, largely due to lower coal trading volumes and foreign exchange losses. Despite this, a 17% increase in profit was observed over the first nine months. The company credits growth in new energy and airport businesses for offsetting losses.
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- Country:
- India
Adani Enterprises Ltd, led by billionaire Gautam Adani, witnessed a significant 97% decline in third-quarter net profit, down to Rs 57.83 crore from Rs 1,888.45 crore a year ago. This sharp decline was attributed primarily to a drop in coal trading volumes.
The reduction in coal demand, due to a rise in the use of renewable energy sources within the power sector, impacted revenue, causing it to fall by 9% to Rs 22,848.42 crore. Additionally, high notional forex loss due to the Australian dollar's depreciation affected mining finance costs.
Despite these setbacks, the company experienced a 17% rise in net profit over the first nine months of the fiscal year, reaching Rs 3,254 crore, driven by strong performance in energy transitions and logistics. Renewable energy and airport operations also contributed positively to the company's financial results.
(With inputs from agencies.)