Adani Enterprises Ltd (AEL) reported a 55.3 per cent decline in consolidated profit at Rs 194.54 crore for the quarter ended September, hit by higher expenses. The company had posted a consolidated profit of Rs 435.73 crore in the year-ago period, Adani Enterprises said in a filing to BSE.

However, consolidated total income during the July-September quarter increased to Rs 13,597.10 crore over Rs 9,312.14 crore in the year-ago period. Total expenses increased to Rs 13,408.53 crore from Rs 8,788.59 crore.

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“AEL continues to prove itself as India’s most successful incubator — and remains unmatched in developing exciting new ideas strategically linked to the Adani portfolio of companies,” Gautam Adani, chairman of the Adani Group, said.

“AEL is both enhancing the span of companies it is incubating and accelerating the pace at which they are being incubated. We believe this is fundamental value creation in a world where digitization has become the most significant business transformation vehicle ever known,” he said.