Adani Ports and Special Economic Zone Ltd.'s operating profit rose in the quarter ended December, in line with analyst estimates.
The company's earnings before interest, tax, depreciation and amortisation rose 3 percent year-on-year to Rs 1,843 crore, according to its exchange filing. That's more than the Rs 1,837-crore consensus of analysts compiled by BloombergQuint.
Net profit rose 41.7 percent on a yearly basis to Rs 1,409 crore, higher than the Rs 1,086-crore forecast. The company's revenue rose 5 percent year-on-year to Rs 2,824 crore for the three month period. That compares with the Rs 2,734-crore estimate. Foreign exchange gain stood at Rs 368 crore versus Rs 183 crore in same period last year. Operating margin narrowed to 65.30 percent from 66.30 percent a year ago.
Other Highlights: (YoY)
- Other income up 46 percent to Rs 345 crore versus Rs 236 crore.
- Handled cargo volumes up 12 percent to 53.3 million metric tonne.
- Tax rate at 22 percent versus 30 percent.
Shares of Adani Ports declined as much as 6.2 percent to Rs 318.85 apiece after the earnings announcement.
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