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Adani Ports & SEZ profit misses consensus by 26.7% in fiscal Q1

Adani Ports and Special Economic Zone Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 3.28 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 4.47 rupees per share.

EPS increased 20.9% year over year from 2.71 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 6.79 billion rupees, an increase of 20.9% from 5.61 billion rupees in the year-earlier period.

The normalized profit margin dropped to 24.7% from 30.7% in the year-earlier period.

Total revenue grew 50.3% on an annual basis to 27.45 billion rupees from 18.27 billion rupees, and total operating expenses increased 65.6% on an annual basis to 14.74 billion rupees from 8.90 billion rupees.

Reported net income fell 15.8% from the prior-year period to 7.03 billion rupees, or 3.40 rupees per share, from 8.36 billion rupees, or 4.04 rupees per share.

As of Aug. 11, US$1 was equivalent to 64.14 Indian rupees.