India's Adani Enterprises Q2 profit more than doubles
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India's Adani Enterprises on Thursday reported a quarterly profit that more than doubled, helped by strong performance at its integrated resources management and airports divisions.
The company's consolidated profit rose to 4.61 billion Indian rupees ($55.60 million) for the second quarter ended Sept. 30, from 2.12 billion rupees a year earlier.
Revenue from operations of the flagship company of coal-to-cooking oil conglomerate Adani Group nearly tripled to 381.75 billion rupees during the reported quarter.
The integrated resources management division, mainstay segment for the company, saw revenue more than triple to 304.35 billion rupees, helped by strong volumes and improved prices.
The Adani Group, led by Asia's richest person Gautam Adani, is looking to expand its presence in power generation and infrastructure and ventured into cement-making operations earlier this year.
Adani Enterprises, which entered the Nifty 50 stock index at the end of September, acts as an incubator for new businesses launched by the Adani Group.
Shares of Adani Enterprises, which is also the largest private coal supplier in India, have more than doubled so far this year.
($1 = 82.9150 Indian rupees)
