Adani Ports share falls over 5% after firm reports Q3 earnings

Share of Adani Ports and Special Economic Zone Limited (APSEZ), a part of Gautam Adani-led Adani Group,  fell over 5% in afternoon trade today even as the firm reported a 16 per cent rise in its Q3 net profit.  

Adani Ports share touched an intraday low of Rs 550.6, down 5.38% against previous close of Rs 581.90 on BSE.

Adani Ports stock trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

The stock has gained 54.41% in one year and risen 17.64% since the beginning of this year. Market cap of the firm fell to Rs 1.15 lakh crore.

The firm reported a net profit of Rs 1,577 crore for the third quarter ended December 31 after it logged a 37 per cent rise in cargo volume.

The firm posted consolidated profit of Rs 1,356 crore in the corresponding period a year earlier.

Consolidated income increased 11.6 per cent to Rs 4,274.79 crore in Q3 against Rs 3,830.43 crore in the year-ago period.

The company said that the financial numbers of Q3 FY21 are not comparable to Q3 FY20 as it acquired Krishnapatnam Port in October, 2020, which is now consolidated. For Q3 FY21, Krishnapatnam Port reported revenue and EBIDTA of Rs 473 crore and Rs 336 crore, respectively. It handled a cargo volume of 10 MMT.

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