(Reuters) -India’s Adani Ports and Special Economic Zone said it is “well positioned” to hit the upper end of its core profit forecast for fiscal year 2025, after its second-quarter earnings missed estimates on Tuesday.
The country’s largest private port operator by volumes reiterated its fiscal year 2025 cargo volume forecast in the 460 million metric tons (MMT)-480 MMT range, after volumes rose 10% in a quarter when commercial activity showed signs of slowing.
Adani Ports, which is seen as the proxy of India’s infrastructure and trade growth, had posted a 7.5% volume growth in the June quarter.
The port operating arm of the power-to-cement Adani conglomerate, along with its smaller rival JSW Infrastructure, has previously benefitted from steady cargo movement to and from the country, driven by strong commercial activity and consumption growth in Asia’s third-largest economy.
For the July-September period, Adani Ports’ consolidated net profit climbed 40% to 24.45 billion rupees ($291 million), but still came in below analysts’ average estimate of 25.98 billion rupees, according to LSEG data.
Revenue climbed 6% to 70.67 billion rupees, but fell short of the estimated 72.73 billion rupees.
Adani Ports’ shares reversed course to trade 1% higher after the results, before paring some of its gains. JSW Infra jumped 9% on the day, after reporting a 46% rise in quarterly profit on Monday.
($1 = 84.0750 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Sumana Nandy)
