Adani Ports profit jumps 29 percent as margins soar
Adani Ports and Special Economic Zone Limited posted earnings growth of 29 percent during the three months that ended in September, with after-tax income reaching 3,120 crore rupees compared with the same period one year earlier. The infrastructure operator saw revenue climb 30 percent to 9,167 crore rupees for the quarter.
Earnings before interest, taxes, depreciation and amortization rose 27 percent to 5,550 crore rupees in the period. Domestic port operations achieved a record margin of 74.2 percent during the first half of the fiscal year, while overseas facilities generated their highest-ever revenue and operating profits. The logistics division expanded revenue by 92 percent to 2,224 crore rupees in the six-month span, and marine services surged 213 percent to 1,182 crore rupees.
Chief Executive Ashwani Gupta said the company is building an integrated transportation network through its dozen logistics parks, warehousing space spanning 3.1 million square feet, and a fleet of 127 vessels operating across Middle Eastern, African and South Asian waters. Fitch Ratings changed its outlook for the port operator to stable from negative on the same day while keeping its credit rating at BBB-minus. Company shares traded at 1,446.3 rupees during afternoon activity.
