Adani Ports Q3 Results: Profit Falls But Beats Estimates
Adani Ports and Special Economic Zone Ltd.’s profit fell in the quarter ended December even as other incomes rose. Still, the bottom line beat estimates.
Net profit dropped 4 percent year-on-year to Rs 1,352 crore in the October-December period, the Ahmedabad-based port operators said in an exchange filing. That compares with the Rs 1,101-crore consensus estimates of analysts tracked by Bloomberg.
Revenue rose 2.8 percent over last year to Rs 2,902 crore, compared with the Rs 3,034-crore estimate. The company’s other income jumped 44 percent to Rs 494 crore in the three months ended December.
Earnings before interest, tax, depreciation and amortisation—excluding foreign exchange losses due to depreciating rupee—remained flat at Rs 1,853 crore. Operating margin, excluding foreign exchange losses, fell 150 basis points year-on-year to 63.85 percent.
Cargo volumes handled by Adani Ports rose 5 percent over last year to 56 million metric tonnes. That’s in line with Edelweiss’ estimates. The research firm, in a pre-earnings note, had expected higher container volumes to boost the company’s volumes.
Shares of Adani Ports closed 1.4 percent higher after the results were announced. That compares with a 2.3 percent gain in the benchmark Nifty 50 Index.