Adani Enterprise Q4FY23 net profit more than doubles riding on strong performance of key coal business
Mumbai: Gautam Adani led Adani Group’s flagship firm Adani Enterprises Ltd said on Thursday that its quarterly profit more than doubled, riding on a strong performance from its key coal trading division, Reuters reported.
Adani Enterprises’ consolidated profit surged to Rs 7.22 billion ($88.3 million) in the quarter ended March 31, up from Rs 3.04 billion in the same period a year earlier.
The firm's coal trading business, which is its mainstay, recorded a 42% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA).
Despite falling coal prices, the trading business benefited from higher volumes and cost optimization, Adani Enterprises reported.
Coal demand has picked up this year as power plants have been stocking up the fuel in anticipation of a surge in summer electricity consumption.
The company's New Industries Ecosystem business, which encompasses its green energy operations, also saw a 23% increase in EBITDA in the quarter, according to the statement.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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