One-time gains boost Adani Enterprises' quarterly profit to a record high in India

Glonghui, February 3rd｜Adani Enterprises Limited announced a record high quarterly profit on Tuesday, entirely due to a one-time gain from exiting a joint venture. According to exchange filings, the company achieved a net profit of 56.3 billion rupees (approximately $625 million) in the three months ending December 31, a significant jump from 578.3 million rupees in the same period last year. This performance was mainly driven by a one-time gain of 56.3 billion rupees from the sale of its stake in AWL Agri Business. Boosted by a surprise trade agreement between India and the United States that strengthened the broader market, the company’s shares in Mumbai once rose by 10.5%. Although the sharp increase in profit enhances the group’s ability to resume capital expenditure and financing, helping it recover from recent setbacks, the latest results highlight that Adani is increasingly relying on asset disposals to support its earnings performance.