India's Adani Enterprises says Q4 profit surges on coal trading boost

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FILE PHOTO: The logo of the Adani group is seen on the facade of one of its buildings on the outskirts of Ahmedabad

MUMBAI (Reuters) -India's Adani Enterprises Ltd said on Thursday that its quarterly profit more than doubled, helped by a strong performance at its key coal trading division.

The company's consolidated profit increased to 7.22 billion Indian rupees ($88.3 million) in the fourth quarter ended March 31, from 3.04 billion rupees a year earlier.

Adani Enterprises' mainstay coal trading business recorded a 42% jump in earnings before interest, taxes, depreciation, and amortization (EBITDA).

While coal prices fell in the quarter, the trading business benefited from higher volumes as well as cost optimisation, the company said.

Demand for coal picked up this year as power plants stocked up the fuel in anticipation of a surge in summer electricity consumption.

The company said EBITDA at its New Industries Ecosystem business, which houses its green energy operations, rose 23% in the quarter.

Adani Enterprises also said it re-appointed billionaire Gautam Adani as an executive chairman for a term of five years. ($1 = 81.7610 Indian rupees)

(Reporting by Nallur Sethuraman in Mumbai and Varun Vyas in Bengaluru; Editing by Savio D'Souza)