Adani Enterprises, the flagship business incubator owned by Indian tycoon Gautam Adani, posted a more than seven-fold surge in quarterly profit fuelled by accelerated expansion in green energy and airports that offset weaker earnings from coal trading.

The eponymous infrastructure-focused company’s shares closed 1.6 per cent higher on Tuesday after it reported 663 per cent year-on-year growth in net profit to Rs17.4bn ($207mn) for the three months through September.

Its billionaire chair attributed the performance to “rapid growth” in the conglomerate’s airport division, which is India’s largest private operator, as well as at Adani New Industries, its green hydrogen and renewable manufacturing business. The two branches contributed about a third of the company’s profit before interest and tax.