Adani Enterprises LimitedPrivate▼ Negative
Capitalrelevance
Reported net loss due to US settlement costs and higher expenses, despite revenue growth.
Indian conglomerate Adani Enterprises reported a first-quarter loss, its second consecutive quarterly loss, weighed down by one-time costs related to a settlement with the US Treasury's Office of Foreign Assets Control. Consolidated net loss was 1.16 billion rupees, with a settlement charge of 2.644 billion rupees. Profit before exceptional items and tax fell about 12 percent to 1.295 billion rupees, while total expenses surged about 54 percent to 32.252 billion rupees, driven by a sharp rise in material costs from 3.393 billion rupees to 14.255 billion rupees. Revenue rose about 50 percent to 32.924 billion rupees, helped by expanded copper production capacity, but the main coal trading division saw a 7 percent decline and the new energy business slipped 2 percent.
Reported net loss due to US settlement costs and higher expenses, despite revenue growth.