Adani Flagship’s Profit Jumps 130% As Strong Recovery Continues

Adani Enterprises Ltd.’s quarterly profit more than doubled boosted by its portfolio of newer businesses. Shares jumped as much as 1.5%.

The flagship firm of billionaire Gautam Adani’s empire posted net income of 18.9 billion rupees ($228 million) for the quarter through December, compared with 8.2 billion rupees in the year-ago quarter, according to an exchange filing Thursday. There weren’t enough brokerages tracking the firm to derive an average profit forecast.

Revenue increased 6.5% to ₹ 283.4 billion, while total costs were up 1.1% to 264.7 billion rupees, the filing said.

The group also got a big vote of confidence from the Supreme Court’s refusal last month to order additional probes into the Hindenburg Research’s allegations and a US agency funding for its Sri Lanka port project in November.

As the Adani Group draws a line under the Hindenburg episode, it has doubled down on its infrastructure projects and plans to spend as much as $100 billion on its green transition. Adani Enterprises – known as the group’s incubator for new businesses that are later spun off and listed – is redeveloping Mumbai’s storied Dharavi slum and building a second airport on the city’s outskirts.