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Adani Ports and SEZ shares surge on smart Q4 results

BT Online Bureau     May 16, 2013
Adani Ports and SEZ shares shot up by nearly 10 per cent in early trade on Thursday, after the company posted a 197 per cent increase in consolidated net profit for the fourth quarter ended March 2013.

The company has reported a consolidated net profit of Rs 710.31 crore for the quarter ended March 31, against Rs 239.46 crore during the corresponding quarter of 2011-12, on account of a one-time gain of Rs 420 crore upon divesting its holding in Australia's Abbot Point terminal to promoters.

Net sales of Adani Ports and SEZ rose nearly 42 per cent to Rs 965.09 crore during the quarter vis-a-vis Rs 680.32 crore in January-March 2012.

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 Bombay Stock Exchange. At the National Stock Exchange too, the scrip jumped 9.73 per cent to a one-year high of Rs 167.35.

With inputs from PTI

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