Adani Ports Q3 Results: Profit Rises 65%, Beats Estimates
India's largest private port operator's consolidated revenue rose 44.6% to Rs 6,920.1 crore.
Adani Ports and Special Economic Zone Ltd.'s third-quarter profit rose and surpassed estimates.
Net profit increased 65.22% to Rs 2,208.21 crore in the October to December period, as against a consensus estimate of Rs 2,193.6 crore by analysts tracked by Bloomberg.
India's largest private port operator's consolidated revenue rose 44.6% to Rs 6,920.1 crore, exceeding estimates of 6,892.7 crore.
Adani Ports Q3 FY24 Highlights (Consolidated, YoY)
Revenue rose 44.6% to Rs 6,920.1 crore vs Rs 4,786.2 crore (Bloomberg estimate: Rs 6,892.7 crore).
Ebitda rose 59.21% to Rs 4,185.9 crore vs Rs 3,011.4 crore (Bloomberg estimate: Rs 4,052.9 crore).
Ebitda margin down 242 bps stood at 60.40% versus 62.91% last year (Bloomberg estimate: 58.80%).
Net Profit up 65.22% at Rs 2,208.21 crore vs Rs 1,336.51 crore (Bloomberg estimate: Rs 2,193.6 crore).
The company's cargo volume increased 23% to 311.2 million tonne in the first nine months of fiscal 2024, with growth of 23% in container cargo, dry cargo volume rising by 25% and liquid and gas gaining by 20%.
Shares of Adani Ports were trading 1.17% higher at Rs 1,221.80 apiece after the results were announced, as compared with a 0.16% fall in the benchmark NSE Nifty 50.
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