Adani Ports Shares Rise as Company Posts Strong Q1 Results

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Adani Ports Shares Rise as Company Posts Strong Q1 Results

Adani Ports and Special Economic Zone (APSEZ) shares rose on Wednesday after the company reported strong quarterly results. The company’s consolidated net profit for the quarter ended March 2023 rose 23% year-on-year to Rs 1,227 crore. Revenue for the quarter also rose 26% year-on-year to Rs 4,327 crore.

The company’s strong results were driven by higher volumes and cargo handling fees. APSEZ handled 264 million tonnes of cargo in the quarter, up 18% year-on-year. Cargo handling fees rose 21% year-on-year to Rs 2,480 crore.

The company’s shares rose as much as 2.5% to Rs 738.90 on the BSE in intraday trading.

“APSEZ’s strong results were in line with our expectations,” said Siddharth Jain, analyst at Motilal Oswal Financial Services. “The company’s continued focus on volume growth and efficiency improvement is paying off.”

  • Adani Ports is the largest port operator in India, with a network of 13 ports and terminals located in Gujarat, Maharashtra, Odisha, Andhra Pradesh, and Goa.
  • The company’s stock price has been on an upward trend in recent months, driven by strong growth in the ports sector.
  • The company’s expansion plans are also a major positive for the stock. APSEZ is planning to invest Rs 1 trillion in port development over the next five years.
  • The overall performance of the ports sector is also positive. The sector is expected to grow at a compound annual growth rate (CAGR) of 7%-8% over the next five years.

APSEZ cargo volumes accelerate to 300 MMT

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