Adani Ports Stocks Soar After Record Profit and Revenue Forecast

Adani Ports and Special Economic Zone's shares surged over 6% after reporting a 50% increase in its March quarter net profit and releasing a positive revenue growth forecast. The port operator handled 118 million tonnes of cargo, contributing to an all-time high annual profit of Rs 11,061 crore.

Shares of Adani Ports and Special Economic Zone (APSEZ) have surged by more than 6% in Friday's morning trading session, buoyed by the company's impressive financial results and optimistic outlook. The firm announced a substantial 50% increase in its March quarter net profit.

The stock advanced by 6.39% to reach Rs 1,294.85 on the BSE, while it rose by 6.45% to Rs 1,295 on the NSE, marking it as the top performer among Sensex and Nifty firms. The robust financial performance was attributed to strong growth in port volumes and logistics.

APSEZ reported a net profit of Rs 3,025 crore for January-March, up from Rs 2,015 crore in the previous year. Cargo handled by its 15 ports increased by 8% in Q4 to 118 million tonnes. The company projects revenue growth between 15.8% to 22.2% for the current fiscal year.

(With inputs from agencies.)