Adani Ports and Special Economic Zone (Adani Ports) shares gained as much as 11 percent on Tuesday to hit a 52-week high on the Bombay Stock Exchange (BSE) in response to its upbeat September quarter (Q2) results. Consolidated net profit of the company rose 61 percent year-over-year to Rs 1,091 crore and revenues increased 21 percent to Rs 2,183 crore.
The share price closed with a gain of 9.43 percent at Rs 312.60, slightly lower than the 52-week high of Rs 317. It was also the biggest Sensex gainer on Tuesday as well.
The company had reported a net profit of Rs 678 crore on total revenues of Rs 1,808 crore in the corresponding quarter last fiscal.
In Q2, container volumes increased 30 percent on a year-over-year basis, while consolidated cargo volumes rose 17 percent.
"Healthy growth in cargo volumes, operational efficiencies and our efforts to change the mix of bulk cargo beyond coal has enabled us to report all-round growth in our financial numbers. With Make in India scheme of Govt of India likely to take off in the near future, our SEZ monetization is expected to gain momentum," Adani Ports CEO Karan Adani said in a regulatory filing to the BSE.
"Implementation of GST will help our Logistic arm to expand further. With our port to Hinterland connectivity further improving we would be truly a fully integrated player providing end to end service to our customers. This will result in higher volume and financial growth," he added.
Adani Enterprises, on the other hand, reported a 62.7 percent drop in net profit to Rs 80.69 crore in Q2 from Rs 216.79 crore in the year-ago period; revenues also fell to Rs 1,797.73 crore from Rs 1,979.94 crore, YoY.
The share price closed at Rs 67.60, down 5.26 percent from its previous close.
The BSE Sensex edged 87 points lower to end at 28,091 on a day when most Tata Group shares lost, reacting to the management rejig at Tata Sons that saw Cyrus Mistry being removed as chairman of the holding company. Ratan Tata succeeded him as the interim head.
