Adani Enterprises Ltd (AEL) on Friday reported a 40% loss even as its income increased by 165% in the quarter ended December 31, as compared to the corresponding period last fiscal.

AEL posted a net profit of Rs 29.85 crore (Rs 50.24 crore) while its income increased to Rs 3,440.62 crore (Rs 1,298 crore), according to a posting of unaudited results on the BSE.

The consolidated total income for Q3 increased by 51% to Rs 13,649 crore (Rs 9,039 crore) and PAT by 2.2% to Rs 416 crore (Rs 407 crore), according to a press release.

Gautam Adani, Chairman, Adani Group, said the overall performance is expected to improve substantially asthe additional capacities get operational and the much-awaited power sector measures are implemented. “We are committed to nurture a resilient business model focusing on the core sectors of resources, logistics and energy.”

Devang Desai, CFO, Adani Group, and Executive Director, Adani Enterprises, said, “Our overall performance has been good with substantial contribution from coal trading and ports which have offset the continuing downward pressure from the power business.”

To focus on the high growth Indian ports and logistics sector and maintain its leadership position in India, the Board of Adani Ports and Special Economic Zone Ltd (APSEZL) has in-principle decided to divest a significant stake in entities controlling the Abbot Point Coal Terminal in Queensland, Australia, to the Adani family, subject to requisite approvals, formalities and clearances, at a valuation determined by an independent valuer.

This divestment will further enhance the financial strength of APSEZL in order to pursue its plans to acquire / set up new ports and logistics assets in India.

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