Adani Ports and Special Economic Zone Ltd.'s profit missed estimates as operating costs rose and tax holiday for its Mundra port ended.
Net profit fell 13.7 percent over the year-ago period to Rs 710 crore in the quarter ended June, according to its exchange filing. That compares with Rs 878 crore consensus estimate of analysts tracked by Bloomberg.
Revenue rose more than 50 percent to Rs 2,745 crore, beating analyst estimates of Rs 2,386 crore. Higher revenue failed to reflect in net profit due to a steep rise in expenses. Operating expenses more than doubled to Rs 929 crore while finance costs jumped 60 percent to Rs 425 crore. Tax expenses rose six-fold to Rs 387 crore, according to the filing.
The profit after tax is lower due to higher tax incidence at Mundra, which is now out of tax holiday period.Adani Ports & SEZ Statement
Earnings before interest, tax, depreciation and amortisation grew 29 percent to Rs 1,567. EBITDA margin contracted to 57.1 percent from 66.6 percent year-on-year.
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