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.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
UK: Manchester synagogue attack leaves 2 dead, suspect identified as British citizen of Syrian descent Jihad Al-Shamie
Zubeen Garg death case: Assam Police arrest bandmate, co-singer
With heavy hearts, devotees bid farewell to Goddess Durga across Northeast
13, including 10 children, die in two separate Durga idol immersion tragedies in Madhya Pradesh
