Adani Stock Hits All-Time High As Profits Surged 67% In Q3

Adani Ports‘ share price registered a sharp jump on Thursday afternoon after the company posted its numbers for the quarter ended December.

What Happened: The ports giant’s net profits for the December quarter surged up 67.8% to ₹2,208.4 crore, as compared to the ₹1,315.5 crore profits posted in the same quarter last year.

Revenue from operation came in at ₹6,920.1 crore, up around 44% from the ₹4,786.1 crore revenue posted in the year-ago period. The company also achieved its highest-ever quarterly cargo volume of 108.6 million metric tonnes, up 44% on a year-on-year basis. The company said that the increase in cargo volume led to a surge in revenue.

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Domestic port EBITDA margin expansion by around 170 bps, along with improved efficiencies and capacity utilization, led to 59% Y-o-Y growth in EBITDA to ₹4,293 crore. The EBITDA margin came in at 62%.

Shares of the Adani Group company that were trailing in the red surged up sharply as soon as the results came out at around 12:45 pm. Adani Ports’ share price jumped up 2% to hit a new all-time high of ₹1,233.80.

Price Action: Adani Ports share price was up 1.68% to trade at ₹1,227.95 on Thursday afternoon.

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