Shares of Adani Ports slumped sharply on Thursday afternoon as the company posted its earnings for the quarter ended September.
What Happened: The company’s consolidated net profits for the quarter stood at ₹1,747.85 crore, up 4.2% from the ₹1,677.48 crore profit posted in the same quarter last year. The Adani Group company’s revenue from operations came in at ₹6,646.41 crore, up 27.6% from the ₹6,247.55 crore reported in the same quarter last year.
EBITDA for the quarter was up 35% year-over-year at ₹4,053.9 crore with an EBITDA margin of 61%. Earnings per share was at ₹8.09. Investors do not seem impressed by the results as the stock tanked close to 2% as soon as the announcement was made.
On Wednesday, the ports major announced that the US International Development Finance Corporation (DFC) will be providing a $553 million (₹4,604 crore) loan to support the development of a deepwater container terminal at the Port of Colombo in Sri Lanka.
Price Action: Adani Ports’ share price was down 1.79% to trade at ₹804.05 in the late hours of trading on Thursday.
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