April 30 (Reuters) – India’s largest private port operator by volumes, Adani Ports and SEZ logged a 10.5% rise in profit for the quarter ended March on Thursday, boosted by growing cargo volumes.
The company reported a consolidated net profit of 33.29 billion rupees ($350.03 million) for the quarter, from 30.14 billion rupees a year ago.
Disruptions at the Strait of Hormuz have boosted container volumes, transshipments and stopovers at Adani Ports as shippers reroute cargo, analysts have said, adding that the company’s diversified cargo mix and low exposure to liquid cargo should keep the overall impact manageable.
For the March quarter, the firm’s revenue from its ports business, its biggest, climbed 30.5%, while its logistics business grew about 2%, led by higher container and bulk cargo volumes.
Cargo volumes rose 13% to 133.4 million metric tonnes in the quarter, driving overall revenue 26.5% higher to 107.38 billion rupees.
($1 = 95.1050 Indian rupees)
(Reporting by Urvi Dugar and Abhinav Parmar in Bengaluru; Editing by Ronojoy Mazumdar)
