Coal news and updates

Adani Enterprises posts Q3 profit on strong performance in coal trading, airport business

NEW DELHI: Adani Group's flagship company Adani Enterprises on Tuesday reported a profit worth Rs 820 crore for the third quarter of the financial year 2022-23, at a time when the conglomerate has been under pressure in wake of US short-seller Hindenburg's report.
In a regulatory filing with the bourses, Adani Enterprises said the profit came on the back of boosts from its key coal trading division and its new energy businesses.
In the same quarter last year, the firm had posted a net loss of Rs 11.6 crore.
Adani Enterprises said its coal trading division benefited from a rise in volumes as well as higher coal prices. Meanwhile, Adani New Energy segment saw a surge in the volumes and prices of solar modules.

As a result, earnings before interest, taxes, depreciation, and amortization (EBITDA) for its mainstay coal trading business saw a whopping four-fold surge, while that of the Adani New Energy segment more than doubled.