Adani Ports surges as Q4 net trebles to Rs 710 crore
Q4 consolidated net profit more than doubled to Rs 710 crore on account of one-time gain of Rs 420 crore due to divestment of its holding Australia's Abbot Point terminal .
Adani Ports and SEZ is trading higher by 6% at Rs 161 after reporting almost three-fold jump in its consolidated net profit at Rs 710 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 crore during the corresponding quarter of 2011-12.
“Net sales of the company rose by nearly 42% to Rs 965 crore during the quarter against Rs 680 crore in the same period of the previous fiscal,” Adani Ports said in a statement.
Meanwhile, the board has recommended a dividend of 50%, at Re 1 an equity share for 2012-13.
The stock opened at Rs 157 and touched high of Rs 161 on NSE. A combined 2.58 million shares have changed hands on the counter so far on NSE and BSE.
The Adani group company had reported a net profit of Rs 239 crore during the corresponding quarter of 2011-12.
“Net sales of the company rose by nearly 42% to Rs 965 crore during the quarter against Rs 680 crore in the same period of the previous fiscal,” Adani Ports said in a statement.
Meanwhile, the board has recommended a dividend of 50%, at Re 1 an equity share for 2012-13.
The stock opened at Rs 157 and touched high of Rs 161 on NSE. A combined 2.58 million shares have changed hands on the counter so far on NSE and BSE.