Adani Ports makes big profit in third quarter due to higher cargo volumes, tariffs
Bengaluru: Adani Ports And the Special Economic Zone, India’s largest private port operator, recorded a growth of nearly 68% third quarter Helped by a surge in profits on Thursday cargo volume and higher Tariff,
integrated mesh Benefit The company, which is part of billionaire Gautam Adani’s group, said it grew to Rs 22.08 billion ($266.1 million) in the October-December quarter.
Revenue from operations rose 44.6% to Rs 69.20 billion in the quarter, boosted by a 44% increase in cargo volumes.
The company said earlier this month it was targeting cargo volumes of more than 400 million tonnes for fiscal 2024, which would exceed the upper end of its forecast range.
Adani Ports’ volume handling capacity has increased four-fold since 2011 due to growth in the country’s exports and imports.
The company operates 13 ports and terminals in India, including the largest container handling port at Mundra in the western state of Gujarat.
Adani Ports shares have more than doubled from multi-year lows in February 2023 after a report by US short-seller Hindenburg Research highlighted debt levels and alleged irregularities at Adani Group. The group denied all allegations.
Shares are up nearly 20% so far this year, while the blue-chip Nifty 50 index is largely flat.
integrated mesh Benefit The company, which is part of billionaire Gautam Adani’s group, said it grew to Rs 22.08 billion ($266.1 million) in the October-December quarter.
Revenue from operations rose 44.6% to Rs 69.20 billion in the quarter, boosted by a 44% increase in cargo volumes.
The company said earlier this month it was targeting cargo volumes of more than 400 million tonnes for fiscal 2024, which would exceed the upper end of its forecast range.
Adani Ports’ volume handling capacity has increased four-fold since 2011 due to growth in the country’s exports and imports.
The company operates 13 ports and terminals in India, including the largest container handling port at Mundra in the western state of Gujarat.
Adani Ports shares have more than doubled from multi-year lows in February 2023 after a report by US short-seller Hindenburg Research highlighted debt levels and alleged irregularities at Adani Group. The group denied all allegations.
Shares are up nearly 20% so far this year, while the blue-chip Nifty 50 index is largely flat.
