Adani Ports clarifies on 'Philippines expansion' report; stock down 1%

Adani Ports and Special Economic Zone Ltd on Wednesday issued clarification over a news report, titled "Adani Ports Special Economic Zone eyes Bataan for expansion into Philippines".

"We would like to inform you that the company evaluates various opportunities for growth and expansion of the business on an ongoing basis with the objective of enhancing stakeholders' value. Pursuant to this, the management of the company remains in discussions with various parties," the Adani Group firm stated.

There is no information which has not been announced to the stock exchanges, it added. BSE had sought clarification from the company on the mentioned news report a couple a days back.

Adani Ports shares slipped 0.87 per cent in early trade to hit a day low price of Rs 1,276.05. So far this year, the stock has risen about 23 per cent, outperforming a 2.3 per cent rise in Nifty50.

The country's largest private port operator has recorded a 76 per cent rise in its fourth-quarter (Q4 FY24) profit, helped by record cargo volumes.

The company, which is part of billionaire Gautam Adani's conglomerate, said its consolidated net profit rose to Rs 2,040 crore in the quarter ended March 31, 2024, from Rs 1,158 crore a year earlier.

Adani Ports achieved its highest ever quarterly volumes at 109 million metric tonnes (MMT) in the January-March period, helping revenue rise by 19 per cent to Rs 6,897 crore as business activities picked up pace in the early months of 2024.

It operates 13 ports and terminals in India, including the country's largest container handling port in Mundra, Gujarat.

In March, Adani Ports said it would acquire 95 per cent of Odisha's Gopalpur Port to expand its east-coast presence.