Adani Enterprises stock drops 3% as net profit slumps

New Delhi: Shares of Adani Enterprises Ltd, the flagship company of billionaire Gautam Adani-led group, declined 3 per cent on Thursday after the firm reported a 97 per cent drop in the third quarter net profit.

The stock dropped 2.85 per cent to settle at Rs 2,252.65 apiece on the BSE. Intra-day, it lost 5 per cent to Rs 2,202.

On the NSE, it declined 3 per cent to Rs 2,247.90.

Adani Enterprises Ltd on Thursday reported a 97 per cent drop in the third quarter net profit as key coal trading volumes were hit.

Net profit declined to Rs 57.83 crore in October-December 2024 - the third quarter of April 2024 to March 2025 fiscal (FY25) - from Rs 1,888.45 crore earnings a year back, the company said in a statement.

Revenue from operations declined 9 per cent to Rs 22,848.42 crore.

Pre-tax profit (EBITDA) from the coal trading segment, which contributes more than a third of overall revenue, halved to Rs 745 crore as volumes fell.

The volume drop was primarily because of lower demand from the power sector where the share of renewable energy sources has risen.

Third quarter profit was also impacted due to "high notional forex loss in finance cost of Australia mining due to depreciation of Australian dollar," it said.