Adani Enterprises Ltd said that its quarterly profit more than doubled, helped by a strong performance at its key coal trading division.
The company's consolidated profit increased to 7.22 billion Indian rupees ($88.3 million) in the fourth quarter ended March 31, from 3.04 billion rupees a year earlier.
Adani Enterprises' mainstay coal trading business recorded a 42% jump in earnings before interest, taxes, depreciation, and amortization (EBITDA). While coal prices fell in the quarter, the trading business benefited from higher volumes as well as cost optimisation, the company said.
Demand for coal picked up this year as power plants stocked up the fuel in anticipation of a surge in summer electricity consumption.
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