Adani Ports has lost nearly a third of its profit and its Myanmar project
- Adani Ports share price fell by over 7% on Thursday.
- The company had reported a fall of over 30% in its consolidated net profit for the second quarter.
- The Gautam Adani-led company has also announced that it is exiting its investment in Myanmar.
Adani Ports opened at ₹726 and was trading at ₹693.25 at 10:50 a.m. on October 28.
The company in its earnings yesterday reported a 30.52% decrease in its consolidated net profit, triggering the fall.
Adani Ports share price decreased by over 7% on October 28 due to the poor results. In addition to this, the company has also revealed that it is exiting its investment in Myanmar by June 2021.
The project has been under criticism since it was reported that the Adani Ports has close ties to the Myanmar Economic Corporation (MEC) that has been accused by the United Nations (UN) of committing genocide and crimes against humanity.
Adani’s port projects in Australia and Tamil Nadu have also received criticism from activist groups, politicians and locals over environmental concerns.
|Particulars||September 30, 2021||September 30, 2020||% change|
|Net profit||₹ 968.30 crore||₹ 1,393.70 crore||-30.52%|
|Revenue||₹ 4,066.80 crore||₹ 3,423.20 crore||18.80%|
While the company has reported an 18.8% increase in revenue, its net profit has declined by over 30%. The company’s total expenses have increased from ₹1,622.8 crore a year ago to ₹2,509.8 crore.
Australian civil rights group requests US Treasury to deny licence to Adani Ports for its dealings with the Myanmar military
Aussie civil rights group calls on India's stock exchanges to take action against Adani Ports for 'factually misleading' stakeholders
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