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(Bloomberg) — 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.
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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.
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Revenue rose 20% from a year earlier to 324.4 billion rupees, while total costs rose 23% to 324.6 billion rupees.
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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.
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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.
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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.
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The company continues to expand newer businesses such as airports, data centers and green energy.
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Adani said sales in the new-energy ecosystem jumped 41% and airport revenue climbed 27%, while mining revenue increased a more modest 2.7%.
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In a post earnings address, Adani Group Chief Financial Officer Jugeshinder Singh said the firm is now getting ready to unlock value through spin offs of Navi Mumbai International Airport, Kutch Copper and Ganga Expressway, which are expected to add over 30 billion rupees to the flagship.
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(Updates with CFO comment in last paragraph.)
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