Net profit rose 74 percent year-on-year to Rs 1,054 crore in the second quarter, according to the company’s exchange filing. That compares with the Rs 937-crore consensus estimate of analysts tracked by Bloomberg. Its revenue rose 8.17 percent over last year to Rs 2,821 crore—in line with the Rs 2,788-crore estimate. Other income grew 61 percent to Rs 505.74 crore.

The company’s earnings before interest, tax, depreciation and amortisation jumped 5.15 percent year-on-year to Rs 1,791 crore. Its operating margin, however, contracted 183 basis points to 63.49 percent.

According to a research note by India Ratings & Research, APSEZ’s strong liquidity is driven by the cash-generative nature of its business, with the Mundra port accounting for around 66 percent of the volumes as of March 2019. The rating agency had last month affirmed APSEZ’s long-term issuer rating at ‘IND AA+’, giving it a ‘stable’ outlook.

APSEZ spent Rs 2,900 crore in capex in financial year 2018-19, expanding capacities across all major ports, the research note read. “The company’s cash flow from operations increased to about Rs 57 billion [Rs 5,700 crore] in FY19, aided by volume-led growth and decline in trade receivables from related parties.”

Shares of the largest private port developer and operator in the country rose 2.05 percent compared to a flat Nifty50 index today.