<p>India's Adani Enterprises reported a near 50% drop in second-quarter profit on Thursday, hurt by weakness in its key coal trading division due to a fall in prices.</p><p>The Adani group's flagship company posted a consolidated profit of 2.28 billion rupees ($27.40 million) for the quarter ended Sept 30, down from 4.61 billion rupees a year ago.</p><p>Coal prices have fallen from the record highs hit last year and have stabilised from the volatile situation in 2022 when Western sanctions on Russia pushed up global prices.</p><p>The company's mainstay coal trading business posted a 59.3% fall in revenue, while earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 9.2%, hurt by the drop in both coal prices and volumes, the company said.</p><p>Meanwhile, revenue in its new energy segment nearly tripled to 18.82 billion rupees, offsetting some of the impact of performance at the coal trading division.</p><p>Overall revenue from operations dropped 41% to 225.17 billion rupees.</p><p>The company's shares were down 0.3% after the results. They had earlier risen as much as 3.6% in the session.</p><p>The stock has fallen about 43% so far this year, while benchmark Nifty 50 index is up about 5.7%. ($1 = 83.2170 Indian rupees) </p>
<p>India's Adani Enterprises reported a near 50% drop in second-quarter profit on Thursday, hurt by weakness in its key coal trading division due to a fall in prices.</p><p>The Adani group's flagship company posted a consolidated profit of 2.28 billion rupees ($27.40 million) for the quarter ended Sept 30, down from 4.61 billion rupees a year ago.</p><p>Coal prices have fallen from the record highs hit last year and have stabilised from the volatile situation in 2022 when Western sanctions on Russia pushed up global prices.</p><p>The company's mainstay coal trading business posted a 59.3% fall in revenue, while earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 9.2%, hurt by the drop in both coal prices and volumes, the company said.</p><p>Meanwhile, revenue in its new energy segment nearly tripled to 18.82 billion rupees, offsetting some of the impact of performance at the coal trading division.</p><p>Overall revenue from operations dropped 41% to 225.17 billion rupees.</p><p>The company's shares were down 0.3% after the results. They had earlier risen as much as 3.6% in the session.</p><p>The stock has fallen about 43% so far this year, while benchmark Nifty 50 index is up about 5.7%. ($1 = 83.2170 Indian rupees) </p>