Adani Ent profit slumps 97% on poor coal trading, forex loss

Tepid Show

- P R SANJAI

ADANI ENTERPRISES POSTED a sharp fall in its quarterly profit, weighed down by the coal trading unit and a foreign exchange loss, marking a tepid show in its first earnings since chairman Gautam Adani was indicted in a US bribery probe in November.

Net income at the Adani flagship firm fell 97% to ₹578.3 million for the quarter ended on December, compared with the same period a year earlier, according to an exchange filing Thursday. There weren't enough brokerages tracking the company to derive an average profit forecast. Shares closed almost 3% lower on Thursday.