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Shares of Adani Ports and SEZ shot up nearly 10 per cent in early trade today, after the company posted a 197 per cent increase in consolidated net profit for the fourth quarter ended March 31, 2013.
Cheering the earnings, the scrip opened higher and further gained 9.68 per cent to Rs 167 — its 52-week high on the BSE. On the NSE, the scrip jumped 9.73 per cent to a one-year high of Rs 167.35.
At 12.25 p.m., the scrip was trading up by 6.96 per cent at Rs 162.85 on the BSE and up by 6.89 per cent at Rs 163 on the NSE.
Adani Ports and SEZ had yesterday reported a 197 per cent increase in its consolidated net profit at Rs 710.31 crore for the fourth quarter ended March 31, 2013, on account of a one-time gain of Rs 420 crore as it divested its holding in Australia’s Abbot Point terminal to promoters.
The Adani group company had reported a net profit of Rs 239.46 crore during the corresponding quarter of 2011-12 fiscal.
Net sales rose nearly 42 per cent to Rs 965.09 crore during the quarter vis-a-vis Rs 680.32 crore in the same period of the previous fiscal.
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