By Kosaku Narioka


Adani Ports & Special Economic Zone Ltd. said Tuesday that its third-quarter net profit fell 16% from a year earlier and that it plans to reduce its net debt in the next fiscal year.

The Indian company said that net profit for the quarter ended Dec. 31 fell to 13.16 billion rupees ($159.0 million) from INR15.67 billion a year earlier.

Third-quarter revenue increased 18% from a year earlier to INR47.86 billion.

Adani Ports said it expects earnings before interest, taxes, depreciation and amortization to increase to between INR145.00 billion and INR150.00 billion for the fiscal year starting in April from the range of INR122.00 billion to INR126.00 billion projected for this fiscal year.

The company said cash surplus generated through operations would be used to re-pay or pre-pay loans and bonds of INR50.00 billion next fiscal year, resulting in a reduction of its net debt-to-Ebitda ratio to about 2.5 from 3-3.5 projected for this fiscal year.

Adani Ports expects capital expenditures to fall to INR40.00 billion-INR45.00 billion the next fiscal year from INR86.00 billion this fiscal year.

Adani Ports shares gave up some of their earlier gains following the earnings results. The shares were recently 2.4% higher at INR559.00 and had risen as much as 9.6% earlier.


Write to Kosaku Narioka at kosaku.narioka@wsj.com


(END) Dow Jones Newswires

02-07-23 0409ET