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Adani Ports Q1 net up 51%, rev up 78%

Essar Ports has reported around Rs 65 crore forex loss in Q1

August 01, 2013 / 14:41 IST
     
     
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    Moneycontrol Bureau

    Adani Ports has reported around 51 percent year-on-year jump in profit to Rs 418 crore for June quarter as cargo volumes rose significantly. Total income also jumped around 78 percent  to Rs 1568 crore.

    The firm's forex loss mor ethan doubled to Rs 65 crore along with a similar rise in finance cost which shot up to Rs 142 crore Y-o-Y.

    The firm in a statement said it handled 2667 MMT cargo on consolidated level, up 39 percent Y-o-Y. While cargo handled by Dahej port rose 24 percent to 2.22 MMT Hazira port stood at 0.87 MMT , beginning its journey to be a large diversified port, adding to the overall Adani Ports' synergy. The progress at all other ports in Goa, Vizag, Tuna Tekra are on schedule, the firm said in a statement. 

    While commenting on company performance during Q1, chairman Gautam Adani said, “ We take pride in Mundra Port emerging as the largest port, outperforming all the commercial ports in the country.” He further said that the firm, with its innovation practices and service standards will continue to contribute to overall growth of Indian port infrastructure sector.

    Read This:.Buy Adani Ports; target Rs 170: Emkay

    Shares of the company rose around 14 percent to Rs 142.55 post earnings announcement.

    first published: Aug 1, 2013 01:46 pm

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