Adani Ports & SEZ slips after weak Q2 results

Adani Ports & Special Economic Zone was down 0.35% to Rs 317.15 at 10:35 IST on BSE after consolidated net profit fell 38.10% to Rs 614.23 crore on 3.63% decline in net sales to Rs 2,608.01 crore in Q2 September 2018 over Q2 September 2017.

The result was announced after trading hours yesterday, 23 October 2018.

Meanwhile, the S&P BSE Sensex was up 160.71 points, or 0.47% to 34,007.94.

On the BSE, 2.96 lakh shares were traded in the counter so far compared with average daily volumes of 2.68 lakh shares in the past two weeks. The stock had hit a high of Rs 329.20 and a low of Rs 315.85 so far during the day. The stock hit a 52-week high of Rs 451.55 on 24 January 2018. The stock hit a 52-week low of Rs 294 on 8 October 2018.

Adani Ports & Special Economic Zone (APSEZ) said its profit was hit by forex losses that stood at Rs 570 crore in Q2 September 2018 compared with a loss of Rs 78 crore in Q2 September 2017.

There was nil SEZ port led development revenue in H1FY2019, as the company has sold CT4 Terminal to CMA CGM Joint Venture, the company said in a filing. The company had reported Rs 504 crore revenue from the segment in the year-ago quarter.

Karan Adani, chief executive officer and whole time director of APSEZ said amidst fears of trade war and its impact on Indian cargo, the company has been able to achieve record cargo throughput of 100 MMT in H1FY2019. APSEZ does not foresee any impact on Indian imports and exports. APSEZ is on course of achieving 200 MMT cargo volume in FY2019. Port EBITDA margins are set to increase from 70% to 71%. Automation and using technology to handle cargo, sweating of enhanced capacity and better cargo mix will drive this margin expansion.

Adani Ports and Special Economic Zone, promoted by Adani Group, is India's largest ports developer and operator company.

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