Profit at Indian billionaire Gautam Adani’s flagship firm Adani Enterprises more than doubled in the October–December quarter, as robust growth in its airports business and a one-time gain from a divestment outweighed weakness in coal trading.
The company reported profit before exceptional items and tax of nearly 13 billion rupees ($144 million), up from 5.76 billion rupees a year earlier. Net profit surged to 56.27 billion rupees from 578 million rupees in the same period last year, driven largely by a one-off gain of 56.32 billion rupees from selling its stake in a joint venture with Singapore-based consumer goods company Wilmar.
Adani Enterprises acts as an incubator for the Adani Group’s newer businesses, including airports, data centres and renewable energy, before they are potentially spun off. Coal trading and mining remain key contributors, accounting for about 39% of overall revenue, but have shown volatility in recent quarters.
Revenue at Adani Airport Holdings jumped 32% year-on-year, supported by higher consumer spending, particularly among India’s upper middle class. This strength, along with growth in renewable energy, helped offset a 22.5% fall in revenue at the coal trading arm, Integrated Resources Management, due to lower volumes and pricing.
Coal trading has been under pressure as renewable energy gains a larger share in India’s power generation mix. During the quarter, thermal coal demand remained subdued as milder winter temperatures reduced heating needs. The company said such fluctuations are inherent to the business.
The results come as Adani Enterprises expands its defence and aerospace ambitions. On the same day as the earnings announcement, the company signed a memorandum of understanding with Italy’s Leonardo to establish a fully integrated helicopter manufacturing ecosystem in India, aimed at meeting growing military demand and supporting New Delhi’s push for domestic defence production.
The Leonardo agreement follows a recent strategic partnership with Brazil’s Embraer to develop a regional transport aircraft ecosystem in India, covering manufacturing, aftermarket services and pilot training.
The earnings update also comes amid ongoing legal challenges, with a fraud case brought by the U.S. Securities and Exchange Commission against Gautam Adani and his nephew Sagar Adani set to proceed after clearing a procedural hurdle that had delayed the case for months.
