BENGALURU: Adani Ports and particular financial zone, India’s largest personal port operator, reported an almost 68% surge in third-quarter profit on Thursday, helped by a bounce in cargo volumes and higher tariffs.
Consolidated internet profit rose to 22.08 billion rupees ($266.1 million) within the October-December quarter, the corporate, which is a part of billionaire Gautam Adani’s conglomerate, mentioned.
Revenue from operations rose 44.6% to 69.20 billion rupees within the quarter, boosted by a 44% development in cargo volumes.
The firm earlier this month mentioned that it’s concentrating on over 400 million tonnes of cargo volumes for fiscal 2024, surpassing the upper-end of its forecast vary.
Adani Ports’ quantity dealing with capability has grown four-fold since 2011 because the nation’s exports and imports surge.
The firm operates 13 ports and terminals in India, together with the biggest container dealing with port in Mundra within the western state of Gujarat.
Shares in Adani Ports have greater than doubled from the multi-year lows hit in February 2023 after a report by US short-seller Hindenberg Research flagged debt ranges and alleged irregularities on the Adani Group. The group denied all allegations.
The shares are up roughly 20% up to now this yr, whereas the blue-chip Nifty 50 index is basically flat.
Consolidated internet profit rose to 22.08 billion rupees ($266.1 million) within the October-December quarter, the corporate, which is a part of billionaire Gautam Adani’s conglomerate, mentioned.
Revenue from operations rose 44.6% to 69.20 billion rupees within the quarter, boosted by a 44% development in cargo volumes.
The firm earlier this month mentioned that it’s concentrating on over 400 million tonnes of cargo volumes for fiscal 2024, surpassing the upper-end of its forecast vary.
Adani Ports’ quantity dealing with capability has grown four-fold since 2011 because the nation’s exports and imports surge.
The firm operates 13 ports and terminals in India, together with the biggest container dealing with port in Mundra within the western state of Gujarat.
Shares in Adani Ports have greater than doubled from the multi-year lows hit in February 2023 after a report by US short-seller Hindenberg Research flagged debt ranges and alleged irregularities on the Adani Group. The group denied all allegations.
The shares are up roughly 20% up to now this yr, whereas the blue-chip Nifty 50 index is basically flat.
