Adani Flagship's Worst Profit Fall in 3 Yrs

Adani Enterprises Ltd, the flagship company of the Adani Group, on Thursday reported its biggest quarterly profit slump in three years for the third quarter, as a fall in power demand weighed on its key coal trading division.

- Reuters

The firm's consolidated net profit declined to ₹57.83 crore ($6.68 million) in the December quarter, from ₹1,888 crore a year earlier. This was Adani Enterprises' worst quarterly profit fall since the quarter ended 31 December 2021 when it swung to a loss.

Its shares fell as much as 5% to the lowest since 27 November after the results and were among top losers in the benchmark Nifty 50 index, which was up 0.2%.

Last November, US authorities had accused its founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply contracts. The group has denied the allegations.