Adani Flagship Posts Massive Profit Jump Purely on One-Off Gains

Adani Enterprises Ltd. reported the highest quarterly profit on record, purely on the back of a one-time gain on its exit from a joint venture that masked continuing pain in its coal trading unit.

Net income at the firm controlled by billionaire Gautam Adani came in at 56.3 billion rupees ($625 million) for the three months ended Dec. 31, according to an exchange filing Tuesday. While the Adani Group flagship doesn’t have enough analyst coverage to compile a reliable profit estimate, the metric was a big jump from the 578.3 million rupees it reported a year ago.