Oct 29 (Reuters) - India's Adani Ports and Special Economic Zone said it is "well positioned" to hit the upper end of its core profit forecast for fiscal year 2025, after missing the second-quarter profit estimates on Tuesday.
The country's largest private port operator by volumes reiterated its fiscal year 2025 cargo volume forecast in the 460 million metric tons (MMT)-480 MMT range, after a 10% rise in volumes during the September quarter, from a 7.5% growth in the previous quarter.
Shares of the company reversed course to trade 1% higher after the results.
Adani Ports reported a consolidated net profit of 24.45 billion rupees ($291 million) for the period, below analysts' average estimate of 25.98 billion rupees, according to LSEG data.
($1 = 84.0750 Indian rupees)
Reporting by Hritam Mukherjee in Bengaluru; Editing by Sumana Nandy
Source: Reuters