The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS
Aug 5 (Reuters) – India’s Adani Ports and Special Economic Zone reported a quarterly profit rise on Tuesday, boosted by growing cargo volumes.
India’s biggest private port operator is seen as a proxy for long-term infrastructure prospects in the world’s fastest growing major economy.
Its consolidated net profit rose 6.5% year-over-year to 33.15 billion rupees ($377.6 million) for the April-June quarter.
The company said Executive Chairman Gautam Adani will now be its non-executive chairman. Consequently, the Indian billionaire would cease to be key managerial personnel of the company, it said.
Cargo volumes for the ports operator grew 11% on-year in the quarter, faster than 8% in the preceeding quarter and 7.5% year-ago. That lifted its revenues by 31% to 91.26 billion rupees.
Adani Ports maintained its fiscal year 2026 forecast of cargo volumes at 505 million metric tonnes to 515 million metric tonnes.
($1 = 87.7890 Indian rupees)
Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala
