Adani Ports Q1 beats street, net up 12.8% on strong revenue

"Consolidated cargo across all ports handled by the company was 40 million metric tonne in Q1FY16, an increase of 17 percent over corresponding quarter last year," said the Adani Group company in its filing.

It added that Mundra port handled 7,48,000 TEUs (twenty-foot equivalent units) in Q1FY16, a growth of 10 percent over 6,81,000 TEU’s in same quarter last year and twin ports of Hazira and Dahej handled cargo of 5.42 million metric tonnes in Q1FY16, a growth of 22 percent year-on-year.

Operating profit (earnings before interest, tax, depreciation and amortisation) shot up 39.4 percent year-on-year to Rs 1,145 crore and margin expanded by 50 basis points to 65.5 percent in June quarter against expectations of 31.5 percent growth in operating profit and 190 basis points contraction in margin.

Finance cost jumped 52 percent year-on-year to Rs 318 crore and depreciation cost climbed 48 percent to Rs 260.6 crore in the quarter gone by.

During the quarter, Adani Ports received letter of award from the Government of Kerala for development and operation/maintenance of the Vizhinjam International Deepwater Multipurpose Seaport Project on PPP mode on DBFOT basis.

At 15:21 hours IST, the scrip of Adani Ports and Special Economic Zone was quoting at Rs 338.30, down Rs 1.40, or 0.41 percent on the BSE.Posted by Sunil Shankar Matkar