Shares of Ad Ports and Special Economic Zone (APSEZ) gained by 2.4 per cent on Wednesday morning, a day after the company reported Q1 FY21 numbers and its board of directors approved a proposal to raise up to Rs 3,000 crore through issuance of non-convertible debentures (NCDs).
The fund will be raised in one or more tranches. The company said its board has also given its consent for exploring and evaluating the proposal to create a platform which will hold rail infra assets and investments in rail entities.
However, APSEZ reported 26 per cent decline in consolidated net profit to Rs 758 crore in Q1 FY21 over Rs 1,029 crore in Q1 FY20. The revenue fell by 18 per cent to Rs 2,293 crore from Rs 2,794 crore in the same period.
Cargo volumes fell to 41.41 million tonnes in Q1 FY21 as compared to 56.75 million tonnes in Q1 FY20. Lockdown measures to tame the spread of Covid-19 resulted in lower import and export, impacting cargo throughput in the first quarter of FY21, said the company.
APSEZ, a part of a globally diversified Ad Group, is the largest port developer and operator in India. It accounts for nearly one-fourth of the cargo movement in the country and is present across 10 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.
At 10:45 am, the stock was trading 2.39 per cent higher at Rs 343 per unit.
( With inputs from ANI )