Adani Enterprises Ltd on Wednesday (March 19) said its wholly-owned subsidiary, Kutch Copper Limited (KCL), has completed the incorporation of a joint venture company, Praneetha Ecocables Limited (PEL), in partnership with Praneetha Ventures Private Limited.

Kutch Copper Limited will hold 50% equity in the newly-formed entity, which will focus on the manufacturing, marketing, and distribution of metal products, cables, and wires. The joint venture was officially incorporated on March 19, 2025, with an authorised and paid-up capital of ₹10 lakh, divided into 1,00,000 equity shares of ₹10 each.

The formation of PEL aligns with Kutch Copper’s expansion strategy to strengthen its presence in the metal and cable manufacturing sector. Praneetha Ecocables Limited is registered with the Registrar of Companies, Ahmedabad.

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Q3 results

For the third quarter, Adani Enterprises reported an 8.8% decline in its revenue during the December quarter to ₹22,848 crore. The company had reported ₹25,050 crore in revenue during the same quarter last year. The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) declined 4.8% from last year to ₹3,069.4 crore, while margins expanded 50 basis points to 13.4% from 12.9% year-on-year.

Expenses saw an increase across the board. Finance costs stood at ₹2,141.3 crore from ₹596.6 crore last year. Depreciation increased to ₹1,005.6 crore from ₹760 crore last year, while the company reported a forex loss of ₹296 crore, in comparison to a forex gain of ₹101 crore last year. Tax expenses for the quarter also rose to ₹588 crore from ₹443 crore last year.

Shares of Adani Enterprises Ltd ended at ₹2,321.15, up by ₹12.50, or 0.54%, on the BSE.

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