Adani Ports & SEZ slips after weak Q1 results

Adani Ports and Special Economic Zone fell 4.39% to Rs 379.80 at 10:09 IST on BSE after consolidated net profit fell 9.14% to Rs 697.40 crore on 12.17% decline in net sales to Rs 2411.03 crore in Q1 June 2018 over Q1 June 2017.

The result was announced after market hours yesterday, 6 August 2018.

Meanwhile, the S&P BSE Sensex was up 53.13 points, or 0.14% to 37,745.02.

On the BSE, 2.10 lakh shares were traded in the counter so far compared with average daily volumes of 3.17 lakh shares in the past two weeks. The stock had hit a high of Rs 394.90 and a low of Rs 379.10 so far during the day. The stock hit a record high of Rs 451.55 on 24 January 2018. The stock hit a 52-week low of Rs 350.20 on 28 March 2018.

Karan Adani, chief executive officer and whole time director of Adani Ports and Special Economic Zone said that the company clocked highest quarterly throughput with a growth of 9% in Q1FY19. This has been possible due to its continued efforts to diversify cargo at all its ports. Port earnings before interest, taxes, depreciation and amortization (EBITDA) margins have expanded by 100 BPS to 70% and the company expects EBITDA to continue to expand due to its focus on higher capacity utilization, automation and mechanisation through use of technology. The company's focus will be to further strengthen its balance sheet and to continue best practices in health, safety and environment processes.

Adani Ports and Special Economic Zone (APSEZ), a part of globally-diversified Adani Group, is the largest port developer and operator in India.

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