Adani Ports Q2 net profit at Rs 614 cr falls 38%

Sarkaritel
By Sarkaritel October 24, 2018 07:01


Mumbai, Oct 24  Adani Ports on Tuesday reported a 38.36 per cent decline in its net profit for the second quarter ending September.

The company said in a stock exchange filing that its profit after tax (PAT) for the second quarter declined to Rs 614.23 crore, from Rs 997.04 crore in the same period last year.

In addition, it reported a sequential decline of 11.92 per cent in PAT from Rs 697.40 crore earned in the previous quarter.

Total revenue for the quarter in consideration, slipped by Rs 39.8 crore to Rs 2,922.32 from Rs 2,962.12 in the same period last year.

“Indian rupee depreciated by 5 per cent in Q1FY19 and by 6 per cent in Q2FY19. Thus, we have provided mark to market loss of Rs 953 cr in H1FY19 compared to a mark to market loss of Rs 47 cr in H1FY18 on our foreign currency loans. This has resulted in reporting lower PBT (profit before tax) and PAT,” a company statement said.

Adani Ports stocks closed on Tuesday Rs 318.25 a share, up by Rs 3.55, or 1.33 per cent, from its previous close on BSE.

Sarkaritel
By Sarkaritel October 24, 2018 07:01

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