Adani Port soars 8% as company reports good Q1 profit

Adani Ports soared over Rs 20 or 8.39% to Rs 259.65 at 3 pm on BSE. 

It opened the day at Rs 244.40 per share, higher from its previous closing of Rs 239.55.

Nearly, 1,56,000 shares of Adani Ports have been exchanged by the investors on the BSE index. 

This performance was driven by 31% rise in net profit that Adani Port reported on Tuesday.

The company reported Rs 835.7 crore in Q1FY17, against Rs 638.9 crore in the corresponding period of the previous year.

Also total income was around Rs 2083.7 crore, grew by 11% from Rs 1872.3 crore in June 2015.

Karan Adani, Chief Executive Officer of APSEZ said, “Our results are reflection of our ability to deliver robust performance every time. A healthy growth in cargo volumes, operational efficiencies and our strategy to increase bulk cargo volumes, other than coal volumes have enabled us to report all round growth in our financial numbers. ”

The company has outperformed all India port growth.  Where Indian cargo rose by 4%, Adani Ports grew by 7%.