Adani Shares Retreat as Profit Lifted by One-Off Gains

Shares of Adani Enterprises Ltd. fell as much as 3.1% on Tuesday, as investors shrugged off an 84% jump in quarterly profit that was driven by one-off gains rather than core business strength.

The Adani Group flagship, helmed by billionaire Gautam Adani, reported net income of 32 billion rupees ($361 million) for the three months ended Sept. 30 — up from 17.4 billion rupees a year ago. However, the bulk of the boost came from a 35.8 billion windfall tied to the sale of its agri business and internal restructuring of its cements units, according to a filing.

Gautam Adani, chairman of Adani Group.

Photographer: Sumit Dayal/Bloomberg