(Reuters) -India’s Adani Ports and Special Economic Zone logged a quarterly profit rise on Tuesday, boosted by growing cargo volumes and said its Israeli port of Haifa “operated unhindered” in a quarter which saw the Israel-Iran conflict.
India’s biggest private port operator is seen as a proxy for long-term infrastructure prospects in the world’s fastest growing major economy.
The company operates 15 domestic ports and terminals, and four international ones – including one in Haifa, a major port city in Israel.
The Haifa port clocked highest quarterly revenue and operating core profits since the group acquired and privatised it in 2022, Adani Ports said.
A 12-day-long conflict between Iran and Israel in June had many ships avoiding West Asia and rerouting through a longer route around the southern tip of Africa, lifting volumes at major Indian ports by 6%, ElaraCapital said.
Cargo volumes for Adani Ports grew 11% on-year during April-June, faster than 8% in the preceding quarter and 7.5% year-ago. That lifted its revenues by 31% to 91.26 billion rupees ($1.04 billion).
The port operator’s consolidated net profit rose 6.5% on-year to 33.15 billion rupees for the quarter.
Adani Ports maintained its fiscal year 2026 forecast of cargo volumes at 505 million metric tonnes to 515 million metric tonnes.
The company said Executive Chairman Gautam Adani will now be its non-executive chairman. The Indian billionaire would cease to be key managerial personnel of the company, it added.
($1 = 87.8140 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala)
