Adani Ports up 3% on post Q4 results

The stock was trading 2.6% higher at Rs 407, the top gainer among S&P BSE Sensex at 01:50 pm.

Adani Ports and Special Economic Zone was trading 3% higher at Rs 408 on the BSE, after the company reported mixed set of numbers with consolidated revenue from operations up 43% year on year (YoY) at Rs 31.83 billion during March quarter (Q4FY18), on back of higher cargo volumes.

The consolidated net profit declined 20% YoY at Rs 9.29 billion in Q4FY18, due to weak product mix and higher tax outgo. Consolidated cargo for Q4FY18 increased by 6% to 45.44 MMT as against 42.67 MMT in Q4FY17.

The net profit would have been higher but for higher tax