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Adani Ports in India reports a quarterly profit increase on cargo growth

Adani Ports and Special Economic Zone in India reported on Tuesday a rise in quarterly profits, thanks to a growing cargo volume.

India's largest private port operator can be used as a proxy to predict long-term prospects for infrastructure in the fastest growing major economy on earth.

The April-June period saw a 6.5% increase in the consolidated net income to 33.15 billion Rupees (377.6 millions dollars).

The company announced that Gautam Adani, its Executive Chairman, will become a non-executive chairperson. The company said that the Indian billionaire will no longer be a key manager of the firm.

The port operator's cargo volumes grew by 11% year-on-year during the third quarter. This was faster than the 8% growth in the previous quarter and the 7.5% increase a year ago. This boosted its revenues by 31 percent to 91.26 trillion rupees.

Adani Ports has maintained its forecast for cargo volumes in fiscal year 2026 at between 505 and 515 millions metric tons.

(source: Reuters)