Adani Ports Q2 net increases 61% to Rs 1,091 crore

Adani Ports Q2 net increases 61% to Rs 1,091 crore

Oct 26, 2016: Adani Ports and Special Economic Zone (APSEZ) has announced a healthy 61 per cent jump in its consolidated net profit at Rs 1,091 crore for the quarter ended September 30. The hike was recorded on account of the growth in cargo volumes and operational efficiencies.

The Gautam Adani-led firm had clocked a net profit of Rs 678 crore in the year-ago period, it said in a BSE filing. Total consolidated income of the company rose by 21 per cent to Rs 2,183 crore in the July-September quarter this fiscal from Rs 1,808 crore during the same period in 2015-16. Its total expenses were higher at Rs 1,014 crore from Rs 898 crore during the period under review.

“Healthy growth in cargo volumes, operational efficiencies and our efforts to change the mix of bulk cargo beyond coal has enabled us to report all-round growth in our financial numbers. With Make in India scheme of Govt of India likely to take off in the near future, our SEZ monetization is expected to gain momentum,” said Karan Adani, CEO, APSEZ.

“Implementation of GST will help our Logistic arm to expand further. With our port to Hinterland connectivity further improving we would be truly a fully integrated player providing end to end service to our customers. This will result in higher volume and financial growth,” he added.

The firm’s consolidated cargo volumes increased by 17 per cent to 43 million tonnes (mt) in the September quarter compared to the same quarter in 2015-16, while container volumes rose by 30 per cent year-on-year.

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