Gautam Adani’s flagship firm’s Q2 profit surges 117% on rapid expansion

Adani Enterprises Ltd, the flagship firm of Indian 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 on September 30, it said in a filing Thursday, compared to 2.12 billion rupees in the same period last year, reports NDTV.

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, with multiple business divisions — from integrated resources management to mining and airports — surging in performance as the company’s push to dominate a slew of industries starts bearing fruit. Total costs ballooned 182% to 377.7 billion rupees in the latest quarter.

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