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Shares of Adani Ports and Special Economic Zone slumped over 4 percent on Thursday after the company reported a decline in its consolidated net profit for the quarter ended March.

Here's a look at the company's earnings performance:

ICICI Direct Research said the port company's net profit was below its estimates due to a Rs 524 crore forex loss.

However, revenue grew on a year-on-year basis on the back of a 7 percent rise in the company's cargo volumes.

The sharp contraction seen in Adani Ports' operating margin was due to higher depreciation and amortisation expenses and due to a rise in other expenses.

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At 11:43 IST, shares of the company were trading 4.3 percent lower at Rs 719.2 on the BSE.

The stock touched an intraday low of Rs 720.1 on the BSE today. (Source: BSE)

The stock has been falling for the last 3 days and has shed about 6 percent during the period.

Adani Ports was the second biggest loser on Nifty50 index after Asian Paints.

In the past three years, the stock has gained 75 percent while it has fallen about 17 percent in the past month.

In an exchange filing, Adani Group company said: “The board has recommended a dividend at 250 percent ( ₹5) per equity share of ₹2 each fully paid up for the financial year 2021-22, subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM)."

The company also reappointed Gautam Adani as the managing director for a further period of five years from July 2022, subject to approval from the shareholders.

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First Published:May 25, 2022 1:06 PM IST