Adani Ports shares surge 10% post smart Q4 results

The company posted 197% increase in consolidated net profit for the fourth quarter ended March,2013.

Written by PTI | Mumbai | Published: May 16, 2013 12:16:03 pm

Shares of Adani Ports and SEZ today shot-up by nearly 10 per cent in early trade,after the company posted 197 per cent increase in consolidated net profit for the fourth quarter ended March,2013.

Cheering the earnings,shares of the company opened higher and further gained 9.68 per cent to Rs 167 — its 52-week high on the BSE.

At NSE also,the scrip jumped 9.73 per cent to a one-year high of Rs 167.35.

Adani Ports and SEZ yesterday reported 197 per cent increase in its consolidated net profit at Rs 710.31 crore for the fourth quarter ended March,2013,on account of one-time gain of Rs 420 crore as it divested its holding in Australia’s Abbot Point terminal to promoters.

The Adani group company had reported a net profit of Rs 239.46 crore during the corresponding quarter of 2011-12.

Net sales of the company rose by nearly 42 per cent to Rs 965.09 crore during the quarter vis-a-vis Rs 680.32 crore in the same period of the previous fiscal.

In the broader market,the BSE benchmark Sensex was trading at 20,250.57,up 37.61 points in late morning trade.

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