Saturday, Aug 13, 2022
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Adani Ports Falls After Net Profit Declines In December Quarter

Adani Ports revenue from operations advanced marginally to Rs 3,798 crore versus Rs 3,746 crore in the year ago period. 

Shares of billionaire Gautam Adani-led Adani Ports and Special Economic Zone (APSEZ) on Wednesday fell as much as 2.41 per cent to hit an intraday low of Rs 721.50 a day after it reported December quarter earnings. Adani Ports' net profit in December quarter came in at Rs 1,472 crore, marking a decline of 6 per cent from Rs 1,561 crore in the same quarter last year.

Its revenue from operations advanced marginally to Rs 3,798 crore versus Rs 3,746 crore in the year ago period. 

During the quarter, Adani Ports achieved cargo volume of 68 million metric tonnes and added two new container services at Mundra and Kattupalli with a potential of 35,000 twenty foot equivalent units (TEUs) per annum.

In logistics container rail volume registered a growth of 30% and bulk volume registered a growth of 63 per cent.

“APSEZ had shown tremendous resilience all through the pandemic period,” said Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ. “Our learnings in 2020 helped us weather the storm and our operational expertise allowed us to continue our expansion. The addition of two ports in 2021 – Krishnapatnam and Gangavaram in Andhra Pradesh on the east coast of India – to the ones on the west coast continued to tighten our pan-India presence. Our under-construction port of Vizhinjam in Kerala, along with our new terminal in Colombo, Sri Lanka, will act as a new transshipment hub in southeast Asia,” Adani added.

As of 11:52 am, Adani Ports shares traded 1.26 per cent lower at Rs 730, underperforming the Nifty 50 index which was up over 1 per cent.
 

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