Adani Ports and SEZ has said that it has recorded a growth of an impressive 197 per cent in its consolidated net profit at Rs 710.31 crore during the fourth quarter of the year till March 31, 2013.

The company had recorded a net profit of Rs. 239.46 crore during the fourth quarter of the previous financial year 2011-2012. The company said that the rise was mainly due to a one-time gain of Rs. 420 crore from the disinvestment of its holding in Australia's Abbot Point terminal to promoters.

The Adani group company's net sales increased 42 per cent to Rs. 965.09 crore during the quarter from January to March, 2013 compared to Rs. 680.32 crore recorded in the same quarter of the previous year.

The shares of the company rose 10 per cent in early trade today as the company said that it recorded an increase of 197 per cent in tis net profit. The shares had opened higher and gained 9.68 per cent to Rs 167, which is its highest level in 52-weeks on the Bombay Stock Exchange (BSE). The BSE benchmark Sensex was trading 37.61 points higher at 20,250.57 this morning.