New Delhi, Oct. 29 -- Adani Enterprises Ltd., the flagship company of billionaire Gautam Adani's conglomerate, returned to profit in the September quarter as newer businesses, including airports and data centres, scaled up. But with the stock down more than 20% from its July peak, investors are looking for earnings growth to justify the company's expansion plans.

Net income was Rs.1,490 crore for the three months ended 30 September, according to an exchange filing on Wednesday. While profit was 55% lower than a year earlier, the company returned to the black after reporting a loss of Rs.1,160 crore in the previous quarter amid costs linked to the settlement of US legal cases.

Revenue rose 75% year-on-year to Rs.37,220 crore, while costs...