Q3 Results: Adani Ports’ Profit Rises Despite Narrow Margin
Adani Ports and Special Economic Zone Ltd.’s operating profit rose in the quarter ended December, in line with analyst estimates.
The company’s earnings before interest, tax, depreciation and amortisation rose 3 percent year-on-year to Rs 1,843 crore, according to its exchange filing. That’s more than the Rs 1,837-crore consensus of analysts compiled by BloombergQuint.
Net profit rose 41.7 percent on a yearly basis to Rs 1,409 crore, higher than the Rs 1,086-crore forecast. The company’s revenue rose 5 percent year-on-year to Rs 2,824 crore for the three month period. That compares with the Rs 2,734-crore estimate. Foreign exchange gain stood at Rs 368 crore versus Rs 183 crore in same period last year. Operating margin narrowed to 65.30 percent from 66.30 percent a year ago.
Other Highlights: (YoY)
- Other income up 46 percent to Rs 345 crore versus Rs 236 crore.
- Handled cargo volumes up 12 percent to 53.3 million metric tonne.
- Tax rate at 22 percent versus 30 percent.
Shares of Adani Ports declined as much as 6.2 percent to Rs 318.85 apiece after the earnings announcement.