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BENGALURU: Adani Ports and special economic zone, India’s largest private port operator, reported a nearly 68% surge in third-quarter profit on Thursday, helped by a jump in cargo volumes and higher tariffs.
Consolidated net profit rose to 22.08 billion rupees ($266.1 million) in the October-December quarter, the company, which is part of billionaire Gautam Adani’s conglomerate, said.
Revenue from operations rose 44.6% to 69.20 billion rupees in the quarter, boosted by a 44% growth in cargo volumes.
The company earlier this month said that it is targeting over 400 million tonnes of cargo volumes for fiscal 2024, surpassing the upper-end of its forecast range.
Adani Ports’ volume handling capacity has grown four-fold since 2011 as the country’s exports and imports surge.
The company operates 13 ports and terminals in India, including the largest container handling port in Mundra in the western state of Gujarat.
Shares in Adani Ports have more than doubled from the multi-year lows hit in February 2023 after a report by US short-seller Hindenberg Research flagged debt levels and alleged irregularities at the Adani Group. The group denied all allegations.
The shares are up roughly 20% so far this year, while the blue-chip Nifty 50 index is largely flat.
Consolidated net profit rose to 22.08 billion rupees ($266.1 million) in the October-December quarter, the company, which is part of billionaire Gautam Adani’s conglomerate, said.
Revenue from operations rose 44.6% to 69.20 billion rupees in the quarter, boosted by a 44% growth in cargo volumes.
The company earlier this month said that it is targeting over 400 million tonnes of cargo volumes for fiscal 2024, surpassing the upper-end of its forecast range.
Adani Ports’ volume handling capacity has grown four-fold since 2011 as the country’s exports and imports surge.
The company operates 13 ports and terminals in India, including the largest container handling port in Mundra in the western state of Gujarat.
Shares in Adani Ports have more than doubled from the multi-year lows hit in February 2023 after a report by US short-seller Hindenberg Research flagged debt levels and alleged irregularities at the Adani Group. The group denied all allegations.
The shares are up roughly 20% so far this year, while the blue-chip Nifty 50 index is largely flat.
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