New Delhi: Adani Enterprises Ltd. slipped into a loss in the fourth quarter, as costs jumped amid the company’s push into copper assets and airport expansion.
The company posted a net loss of 2.2 billion rupees ($23.2 million) for the three months ended March 31, compared with a profit of 38.5 billion rupees a year earlier, according to an exchange filing Thursday. Adani Enterprises doesn’t have enough estimates to compile a reliable consensus.
Revenue rose 20% from a year earlier to 324.4 billion rupees, while total costs rose 23% to 324.6 billion rupees.
Adani Enterprises, the flagship of billionaire Gautam Adani’s ports-to-power conglomerate, also approved raising as much as 150 billion rupees by selling shares, including to institutional investors or on a preferential basis.
The quarter unfolded against a backdrop of moderating economic momentum in India, an economy where growth remains solid but increasingly exposed to global risks — including the fallout from the Iran war — through tighter financial conditions and uneven industrial demand.
A loss may complicate the group’s push to accelerate capital spending, both crucial for long-term expansion. The group also needs to get a fraud case in the US dismissed, before fully reviving overseas fund-raising.
The company continues to expand newer businesses such as airports, data centers and green energy.
Adani said sales in the new-energy ecosystem jumped 41% and airport revenue climbed 27%, while mining revenue increased a more modest 2.7%.