(HT)
India’s Adani Enterprises, the flagship company of the Adani Group, reported a drop in fourth-quarter profit on Thursday, hurt by weaker performance at its coal trading division.
The company’s consolidated profit before exceptional items and tax declined to ₹1,313 crore ($155.2 million) in the January-to-March quarter, from ₹1,322 crore a year ago.
Consolidated net profit, however, surged more than eight-fold to ₹3,845 crore, helped by a one-time gain of ₹3,946 crore from a partial sale of its stake in its consumer goods venture with Singapore’s Wilmar.
The ports-to-power Adani Group’s flagship firm has been expanding its new energy business, which comprises of solar manufacturing and wind turbine businesses.
However, Adani Enterprises’ mainstay coal trading segment still remains at the heart of the company, contributing nearly one-third of its overall revenue.
The coal trading segment reported a 47% fall in profit to ₹833 crore due to a decline in coal prices and lower demand for imported coal. The segment’s revenue slid 45%.
Adani Enterprises’ overall revenue declined 7.6% to ₹26,966 crore.
The new energy segment’s pre-tax profit surged 92% to ₹994 crore in the quarter. The segment forms 13.5% of the firm’s revenue.
