Adani Enterprises of India reported a nearly 38% decline in profit, citing weak performance in its roads segment and increased expenses.

According to an exchange filing by the flagship company of the Adani group, consolidated net profit decreased to Rs 4.51 billion for the quarter ended March 31, down from 7.22 billion rupees the previous year.

The conglomerate noted an 84% drop in pre-tax profit in its road infrastructure segment. Additionally, its commercial mining segment recorded a pre-tax loss of 2.01 billion rupees, in contrast to a profit of Rs 2.31 billion previously.

Despite robust performance in its coal trading division, where pre-tax profit nearly doubled to Rs 15.71 billion, lackluster results in the mining and infrastructure sectors outweighed the gains.

Revenue from operations saw a marginal increase of 0.8% to Rs 291.80 billion, while total expenses rose by 2.7% to Rs 283.08 billion.

Following the announcement, shares of Adani Enterprises, which had risen 6.3% year-to-date, closed down 0.8%.