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(Bloomberg) — Adani Enterprises Ltd. swung to a loss in the June quarter, after booking an exceptional charge that overshadowed strength in its airports and data-center businesses.
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The company posted a net loss of 11.6 billion rupees ($121 million) for the three months ended June 30, compared with a profit of 8.85 billion rupees a year earlier, according to an exchange filing Wednesday. The Adani Group flagship doesn’t have enough estimates to compile a reliable consensus.
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Revenue surged 50% to 329.24 billion rupees, while costs climbed as it booked a one-time charge of 26.4 billion rupees, the filing showed.
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The loss stems primarily from exceptional charges linked to the resolution of US investigations. Two months ago, the Department of Justice dropped criminal bribery charges against billionaire founder Gautam Adani and his nephew, Sagar Adani, after they agreed to pay $18 million to settle a parallel civil fraud case there. Separately, Adani Enterprises paid $275 million to resolve a sanctions probe by the Office of Foreign Assets Control. Neither the executives nor the company admitted wrongdoing.
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Adani Enterprises, the flagship of the tycoon’s ports-to-power conglomerate, continues to expand into high-growth sectors like aluminum manufacturing, airport operations, data centers, and green energy. Even so, the weakness in its core coal-trading business overshadowed gains elsewhere.
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Though on account of a non-recurring charge, the surprise loss may complicate the group’s ability to secure cheaper funding in the near term, and could slow parts of its aggressive capital-expenditure program.
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