Adani Ports and Special Economic Zone missed third-quarter profit estimates on Thursday, hit by a weaker pace of growth in cargo volumes amid a broader slowdown in the world’s fifth-largest economy.
Consolidated net profit for the country’s top private port operator jumped 14 per cent to Rs 2,520 crore ($291.1 million) for the quarter ended Dec. 31, but it was below analysts’ average estimate of Rs 2,608 crore, as per data compiled by LSEG.
Adani Ports’ cargo volumes rose 4% in the reported quarter, slower than the growth notched in the previous two quarters of 10 per cent and 7.5 per cent, respectively, and 44 per cent growth logged in the year-ago quarter.
India’s slowing economic growth has curbed cargo volumes at port operators including Adani Ports and smaller rival JSW Infra, analysts at ElaraCapital said.
Earlier this week, JSW Infra missed third-quarter profit estimates, as lower iron ore shipments from one of its eastern ports capped volume growth at its slowest in the last four quarters.