India's Adani Enterprises posts fourth-quarter loss hurt by depreciation of some assets (updated)

Adani Enterprises

30/04/2026 11:29

Rewrites, adds comments from earnings call in paragraph 7, adds details in paragraphs 4-8

By Anuran Sadhu

April 30 (Reuters) - India's Adani Enterprises ADEL.NS reported its first quarterly loss in 17 quarters on Thursday, hurt by higher depreciation related to a newly operational airport near Mumbai and a copper plant in the western state of Gujarat, along with a surge in expenses.

The flagship firm of billionaire Gautam Adani-led conglomerate posted a consolidated net loss of 2.21 billion rupees ($23.27 million) in the quarter ended March.

"The fourth-quarter results were affected by depreciation on recently commissioned assets of Navi Mumbai and copper plant," the company said in its exchange filing.

    While the Navi Mumbai airport started operations in December last year, the 500,000 tonne per annum copper plant was commissioned in March, 2024, resulting in an increase in depreciation charges.

Total expenses jumped over 23% to 324.58 billion rupees, driven largely by a surge in raw material costs. The cost of materials consumed rose over three-fold to 118.28 billion rupees.

    The cost of materials consumed reflects raw materials and consumables used in the company's diversified business portfolio, ranging from coal trading and mining to new energy business and infrastructure development.

Adani's commercial mining segment's loss widened to 11.28 billion rupees from a loss of 2.84 billion rupees a year earlier, primarily due to mining operation "constraints" at its thermal coal Carmichael mine in Australia, a company executive said on an earnings conference call.

The firm's new energy business, which comprises solar manufacturing and wind turbine businesses and accounts for about 17% of the revenue, declined 4.2% to 9.52 billion rupees.

EBITDA, a measure for operating profit, rose 3% on-year to 44.79 billion rupees, while revenue from operations rose 20.3% to 324.39 billion rupees.

    Adani had posted a profit of 38.45 billion rupees a year ago, boosted by a one-time gain of 39.46 billion rupees from the sale of its stake in a joint venture with Singapore's Wilmar WLIL.SI.

($1 = 94.9588 Indian rupees)

 (Reporting by Anuran Sadhu and Urvi Dugar in Bengaluru; Editing by Mrigank Dhaniwala and Shailesh Kuber)

 ((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))