Adani Ports has rallied around 9% to Rs 261 on the NSE in today’s trade after the company reported 31% year-on-year rise in its consolidated net profit at Rs 836 crore for the quarter ended June 30, 2016. The Adani Group Company had registered a profit of Rs 639 crore in the corresponding Quarter last year. Currently, Adani ports share price was trading at Rs. 259.25 with the rise of over 8%.
Karan Adani gave the credit for the all round growth in their financial numbers to the healthy growth in cargo volumes, operational efficiencies and their strategy to increase bulk cargo volumes, other than coal volumes. He also added that the growth of their bottom line is a result of their immense focus on controlling the borrowing costs along with maintaining high EBITDA margin. Going forward, coastal shipping, commissioning of CT4, further growth in volumes at Kattupalli will be their focus areas.Adani ports share price is reflecting the positive effect of the plans of the company.
The consolidated total income of the company grew by 11.28% to Rs 2,084 crore for the quarter under review, in comparison to Rs 1,872 crore in the corresponding quarter of last year. Consolidated cargo volumes on Year on Year basis improved by 7 % from 39.61 MMT in Q1FY16 to 42.33 MMT in Q1FY17. Container volumes augmented by 27 % on YoY basis.
Dynamic Levels has identified Adani ports among the top 500 performing stocks for the quarter. Adani ports share price opened at Rs. 244.50 against its previous day close of Rs. 239.75. The shares have changed hands over three times higher than the regular trade today. The stock had also experienced the surge in the traded volume by over two times yesterday. For more details on the stock, refer to the Adani ports share price history page of Dynamic Levels website.
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