Adani Ports shares soar 5% to reach new 52-week high after Q3 earnings beat estimates

Adani Ports witnessed a notable surge of around 5 percent on February 2, touching a fresh 52-week high of Rs 1,287.20, a day subsequent to the company surpassing Q3 earnings expectations.

In the December quarter, Adani Ports reported a remarkable year-on-year doubling of net profit, reaching Rs 2,250 crore. This substantial growth was propelled by robust power sales to customers and increased capacity utilization, demonstrating the company’s financial resilience.

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Market analysts maintain a positive outlook on Adani Ports, citing the impressive cargo volumes and the healthy growth trajectory of the logistics business. The company’s revenue experienced a significant 47 percent year-on-year surge, reaching Rs 7,426 crore, primarily attributed to the uptick in cargo volumes. Improved operational efficiencies and enhanced capacity utilization contributed to the growth in operating profit, further bolstering the company’s financial performance.

As Adani Ports continues to exhibit strong financial indicators, investors and market participants are keenly observing its trajectory in the coming quarters.