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HomeUncategorizedAdani Ports Q1 Net Jumps 36pc at Rs. 568 Crore

Adani Ports Q1 Net Jumps 36pc at Rs. 568 Crore

Adani Ports and Special Economic Zone Ltd (APSEZ) reported 36 per cent rise in consolidated net profit at Rs. 568 crore for the quarter ended June 30, 2014, helped by a strong cargo volume growth.

The company’s net profit in the corresponding quarter of the last fiscal was Rs. 417.50 crore, Adani Ports and Special Economic Zone said in a filing to the BSE.

“We had a robust quarter with growth of all major cargo categories and we continue to maintain our EBIDTA margins at a high level of 70 per cent in our port business,” APSEZ Chief Executive Officer Sudipta Bhattacharya said.

However, total income decreased to Rs. 1,261.64 crore, over Rs. 1,478.41 crore in the same period of FY’14, the filing said.

Adani Ports handled 33.83 million tonnes of cargo on consolidated basis during the quarter, up 27 per cent from the corresponding quarter of last fiscal.

Consolidated cargo includes volumes from Mundra Port and its ports at Hazira and Dahej.

Adani Group Chairman Gautam Adani said, “The results are a validation of our strategy as we continue to show growth significantly faster…The acquisition of the Dharma port and the JV with CMA CGM will further augment our organic growth rates.”

Total expenditure of the company declined to Rs. 615.85 crore, over Rs. 773.36 crore in the corresponding quarter of the previous fiscal.

The company’s other income rose 88.4 per cent year-on-year at Rs. 168.74 crore against Rs. 89.56 crore.

The company said that acquisition of Dharma port was completed in the Q1FY15 and it handled 4.20 million metric tonnes (MMT) cargo during the quarter, registering a growth of 36 per cent over the corresponding period of last fiscal, adding that the capacity expansion work is already in progress.

Dahej port volumes also increased by 28 per cent and Hazira port volumes increased by 85 per cent on a y-o-y basis.

Shares in APSEZ closed 1.02 per cent higher at Rs. 268.50 on NSE on Wednesday.

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