Adani Ports Q1 profit up 36 per cent on higher cargo

MUMBAI: Adani Ports and Special Economic Zone reported a consolidated profit of Rs. 568 crore for the quarter ended June, compared with Rs 417.50 crore during the same quarter last year, helped by a strong cargo volume growth.

Analysts, on an average, were expecting earnings of Rs. 512.7 crore on revenue of Rs. 1250 crore, according to a poll conducted by Bloomberg. Net sales for the quarter fell 14 per cent to 1261.6 crore.

"We had a robust quarter with growth of all major cargo categories and we continue to maintain our EBIDTA margins at a high level of 70 per cent in our port business," wrote Sudipta Bhattacharya, CEO at Adani Ports.

However, on standalone basis, the company reported a net profit of Rs. 505.10 crore, down 24 per cent in the corresponding quarter.

Adani Ports handled 33.83 million tonnes of cargo on consolidated basis during the quarter, up 27 per cent from the same quarter last year. Consolidated cargo includes volumes from flagship Mundra port and its ports at Hazira and Dahej.

Shares of the company were trading up 1.6 per cent at Rs. 270.95 per share on BSE on Wednesday.