How Adani profited from government coal import order that raised electricity prices across India

What happened: Adani Enterprises ended the 2022 financial year with a 200% jump in profits, with over 70% of annual turnover coming from its coal import division, after India's power ministry mandated in May 2022 that thermal power companies import 10% of coal needs. Key numbers: 200% profit jump; over 70% of turnover from coal imports; 10% import mandate; Why it matters: The mandate drew resistance from state-owned and private power companies. Uttar Pradesh and Telangana said costly imports would cripple their finances, while private producers cited technical reasons to avoid compliance.

Adani Enterprises ended the 2022 financial year with a 200% jump in profits, with over 70% of annual turnover coming from its coal import division, after India's power ministry mandated in May 2022 that thermal power companies import 10% of coal needs.

The mandate drew resistance from state-owned and private power companies. Uttar Pradesh and Telangana said costly imports would cripple their finances, while private producers cited technical reasons to avoid compliance.