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Adani Enterprises Ltd., the flagship firm for billionaire Gautam Adani’s conglomerate, posted an almost 117% rise in quarterly profit, giving it more firepower to boost investments in numerous new businesses it’s nurturing.
The Ahmedabad-based company reported a net income of 4.6 billion rupees ($55.5 million) for the quarter ended Septmeber 30, it said in a filing on Thursday, compared to 2.12 billion rupees in the same period last year. There were not enough brokerages issuing profit estimates for the company to derive an average forecast.
Revenue almost tripled to 381.8 billion rupees, the filing said, while total costs surged 182% to 377.7 billion rupees in the latest quarter.
Adani Enterprises, known for incubating new businesses for the ports-to-power group that are later spun off, has been at the forefront of the breakneck expansion spree being undertaken by Asia’s richest person.
—Bloomberg