India's Adani Ports misses Q3 profit estimates as cargo growth slackens (updated)

JSW Infrastructure

30/01/2025 08:00

(Rewrites throughout with earnings details, context)
       Jan 30 (Reuters) - India's Adani Ports and Special
Economic Zone  APSE.NS  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% to 25.20 billion rupees ($291.1 million) for
the quarter ended Dec. 31, but it was below analysts' average
estimate of 26.08 billion rupees, 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% and 7.5%, respectively, and 44% 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.    

($1 = 86.5620 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru; Editing by Rashmi
Aich)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))