Adani Ports & Special Economic Zone gained 3.67% to Rs 398 at 9:50 IST on BSE after the company announced its Q1 results.
The announcement of results was made on Saturday, 12 August 2017. The stock had dropped 7.27% in three sessions to settle at Rs 383.90 on 11 August 2017, from a close of Rs 414 on 8 August 2017 ahead of the results.
Meanwhile, the S&P BSE Sensex was up 214.63 points or 0.69% at 31,428.22.
On the BSE, 21,989 shares were traded on the counter so far as against the average daily volumes of 3 lakh shares in the past one quarter. The stock had hit a high of Rs 405.20 and a low of Rs 385.80 so far during the day. The stock had hit a record high of Rs 421.60 on 8 August 2017. The stock had hit a 52-week low of Rs 243.95 on 10 August 2016.
The stock had outperformed the market over the past one month till 11 August 2017, gaining 3.2% compared with the Sensex's 1.68% decline. The stock had also outperformed the market over the past one quarter, rising 6.95% as against the Sensex's 3.18% rise. The scrip had also outperformed the market over the past one year, gaining 51.38% as against the Sensex's 12.04% rise.
The large-cap company has equity capital of Rs 414.19 crore. Face value per share is Rs 2.
Adani Ports & Special Economic Zone's (APSEZ) consolidated net profit fell 13.7% to Rs 710.25 crore on 50.3% rise in net sales to Rs 2745.14 crore in Q1 June 2017 over Q1 June 2016.
The company said that the net profit in Q1 June 2017 was lower due to higher tax incidence at Mundra Port which is now out of tax holiday period. However, from a tax cash flow angle, there is no change (impact) as minimum alternate tax (MAT) credit of earlier years is available to the tune of Rs 2700 crore.
Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said that the operations in port and logistic business continues to be robust. With string of ports across India providing multi point access to India's hinterland, the company expects cargo volumes to grow as per earlier guidance in FY 2018. Mundra port is on the verge of becoming the largest container handling port in India.
The company would continue to pursue plans to expand logistic foot prints by adopting asset light model. Higher capacity utilization, focus on operational efficiencies by automation and technology upgrades and focus on cost reduction will ensure higher cash flows, he added.
Adani Ports and Special Economic Zone is India's largest port developer and the logistics arm of Adani Group.
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