Adani Ports & Special Economic Zone dropped 3.4% to Rs 417.10 at 14:15 IST on BSE after consolidated net profit fell 7.88% to Rs 992.37 crore on 22.9% rise in total income to Rs 2962.12 crore in Q2 September 2017 over Q2 September 2016.
The result was announced during market hours today, 13 November 2017.Meanwhile, the S&P BSE Sensex was down 141.45 points or 0.42% at 33,173.11.
On the BSE, 2.02 lakh shares were traded on the counter so far as against the average daily volumes of 4.98 lakh shares in the past one quarter. The stock had hit a high of Rs 432 and a low of Rs 416.90 so far during the day. The stock had hit a record high of Rs 443.35 on 6 November 2017. The stock had hit a 52-week low of Rs 246 on 21 November 2016.
The stock had outperformed the market over the past one month till 10 November 2017, gaining 8.92% compared with 4.35% gains in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.75% as against Sensex's 5.66% rise. The scrip had also outperformed the market in past one year, gaining 47.02% as against Sensex's 21.07% rise.
The large-cap company has equity capital of Rs 414.19 crore. Face value per share is Rs 2.
The Q2 net profit is lower due to higher tax incidence to Rs 381 crore in Q2 September 2017 from Rs 82 crore in Q2 September 2016.
Karan Adani, Chief Executive Officer and Whole Time Director of Adani Ports & Special Economic Zone (APSEZ) said that the company's efforts to diversify and change cargo mix continue to yield results. Other bulk cargo and containers continue to register double digit growth and this trend should continue in years to come. While West coast continues to register double digit growth in containers, east coast specifically Dhamra has huge potential to grow exponentially. The company would continue to increase footprints in logistics space and further improve port to hinterland connectivity, he added.
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Separately, the company's board of directors gave their in-principle approval for issue of non-convertible debentures not exceeding Rs 3000 crore in one or more tranches on private placement basis.
Adani Ports and Special Economic Zone is India's largest port developer and the logistics arm of Adani Group.
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