MUMBAI (NewsRise) -- Adani Enterprises, controlled by billionaire Gautam Adani, said first-quarter profit jumped more than three times, helped by a one-time gain from a claim in its mining business.
Consolidated net income in the three months ended in June stood at 6.01 billion rupees ($85 million), compared with 1.69 billion rupees a year earlier, the company said in a statement on Thursday. Total income grew 39% to 106.86 billion rupees. Analysts were expecting the company to report a profit of 2.11 billion rupees, according to Refinitiv data.
The latest quarter had an exceptional gain of 3.28 billion rupees on account of a favorable court order regarding a price escalation claim in the mining business. The company said it has recognized cumulative revenue and interest since the financial year 2013-2014.
Adani Enterprises, among India's largest thermal coal importers, said its coal development and mining volumes grew 11% in the quarter, while integrated coal management volumes surged 61%. Volumes in the solar manufacturing business almost tripled to 236 megawatts.
The company is lining up a new set of businesses that included airport management, data center parks, roads, water infrastructure and defense and aerospace, Chairman Adani said in a statement.
Over the past few years, the conglomerate, which has interests straddling across oil and gas, coal infrastructure, power, and renewable energy, has been diversifying into new businesses. In February, it emerged the highest bidder to operate six regional airports that the Indian government had put on the block, marking the group's entry into the aviation sector.
Last month, Adani said it is investing 700 billion rupees to build a data park in a southern Indian state to cash in on the surge in demand from foreign technology companies that are expanding their presence in India.
In June, the company also won the final clearance from an Australian state government for its groundwater management plan, taking Adani a step closer to starting the construction of the controversial Carmichael coal mine. The project has been stuck amid concerns about carbon pollution and climate change, while calls to review government approvals scuttled Adani's efforts to secure funds, with several international banks refusing to lend to the project.
It is also looking to tap into the government push to renewable energy, investing in several solar and wind energy assets. The group has also started the world's largest solar power plant in the southern Indian state of Tamil Nadu.
Shares of Adani Enterprises gained 4.3% in Mumbai trading on Thursday, while the benchmark S&P BSE Sensex closed 1.7% higher.
--Dhanya Ann Thoppil