Adani Ports Profit Quadruples In March Quarter; Stock Edges Lower
Share price of multinational conglomerate Adani Ports and Special Economic Zones declined around four per cent on Wednesday, May 5, a day after the company announced its January-March quarter results for the financial year 2020-21. On Wednesday, Adani Ports opened at Rs 775, witnessing an intra day high of Rs 779 and an intra day low of Rs 733 on the BSE, in the trading session so far. According to a regulatory filing by the port-to-energy conglomerate to the stock exchanges, Adani Ports reported a net profit of Rs 1,287.81 crore in the March quarter for the fiscal year 2020-21. (Also Read: Adani Ports Profit Quadruples To ₹ 1,287.81 In March Quarter )
According to the fourth-quarter earnings, Adani Ports and Special Economic Zones reported a 285 per cent growth or a quadruple jump in net profit during the March quarter, compared to Rs 334.39 in the corresponding quarter last year. Currently, Adani Ports is the country's largest integrated ports and logistics company and is involved in the management of the complete logistics chain- starting from vessel management to pilotage, berthing, anchorage, tug pulling, goods handling, storage, internal transport, evacuation by rail or road etc.
Adani Port reported a 24 per cent rise in the operating revenue to ₹ 3,607.90 crore in the January-March quarter, compared to Rs 2,921.19 crore in the corresponding quarter of the previous fiscal. The country's largest private multi-port operator recently acquired stakes in Ennore, Krishnapatnam, and Gangavaram ports.
On the NSE, Adani Ports opened at Rs 772, touching an intra day high of Rs 774.80, and an intra low of Rs 732.70, in the session so far. It was last trading 3.71 per cent lower at Rs 740.20 on the NSE.
Shares of Adani Ports were last trading 3.76 per cent lower at Rs 739.90 on the BSE.