Adani Ports‘ share price which was wobbly on Thursday received a boost as the company posted its results for the quarter that ended March.
What Happened: The Adani Group company posted a net profit of ₹2,040 crore, up 76.2% from the ₹1,157 crore posted in the same quarter last year. The ports giant’s revenue from operation for the January-March period was at ₹6,896.50 crore, up around 19% from the ₹5,797 crore posted in the same period last year.
EBITDA for the quarter came in at ₹4,029 crore, up 23% from the ₹3,271 crore posted in the same quarter last year. The company also declared a ₹6/share divided for the year ended March 2024. The record date for the dividend payment is set at June 14.
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The company also shared its guidance for the year ending March 2025. Adani Ports targets cargo volumes of 460-480 million metric tonnes and revenue between ₹29,000-31,000 crore with an EBITDA goal of ₹17,000-18,000 crore. Adani Ports aims for a net debt to EBITDA ratio of 2.2-2.5x. Net debt to EBITDA has improved to 2.3x from 3.1x in FY23, the company said in a press release.
The company completed loan pre-payments/repayments of ₹5,584 crore, exceeding the initial guidance of ₹5,000 crore provided at the start of the year.
Price Action: Adani Ports’ share price was up 0.91% to trade at ₹1,337 in the mid-market hours of trading on Thursday.
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