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Bond Market News
Adani Enterprises Quarterly Profit Falls 37%
May 3, 2024
Adani Enterprises’ quarterly profit fell 37% to INR 4.5bn ($54mn) impacted by one-time past airport dues and commercial mining losses. Losses in commercial mining stood at INR 2bn ($24mn). Its Mumbai International Airport Ltd (MIAL) unit recognized a one-time exceptional expense of INR 6.3bn ($76mn) to make up for past payments. The company’s incubation of businesses like new energy and airports showed strong momentum, they noted. Operating revenues stood at INR 291bn ($3.5bn), nearly flat on a YoY basis.
Adani group companies’ dollar bonds were trading stable with its 4.375% 2029s at 87.2, yielding 7.41%.
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