Adani Ports and Special Economic Zone Ltd (APSEZ) today reported a 25.82 percent jump in its consolidated net profit to Rs 849.75 core for the quarter ended December 2016, on the back of increased income.
APSEZ, the country's largest port developer and the logistics arm of Adani Group had clocked a net profit of Rs 675 crore in the corresponding quarter of 2015-16.
Its consolidated operating income registered a growth of 32 percent to Rs 2,236 crore during the quarter, up from Rs 1,696 crore in the corresponding quarter of the previous fiscal.
The firm's "consolidated EBITDA increased by 30 percent from Rs 1,056 crore in Q3 FY16 to Rs 1,371 cr in Q3 FY17," it said adding EBIDTA margins were maintained at 62 percent.
The company said it handled 41 million tonnes (MT) cargo during the quarter, up 8 percent from the corresponding quarter last year.
Commenting on the results, Karan Adani, Chief Executive Officer of APSEZ said, "Our strategy to diversify our cargo mix and focus on high value cargo continues to yield positive results. Like last quarter, the continued out performance in cargo volumes is backed by Healthy growth in our newer ports namely Hazira, Dhamra and Kattupalli. Operational efficiencies and our efforts to change the mix of bulk cargo beyond coal has resulted in all-round growth in our financial numbers." The Adani Group is one of India's leading business houses with revenue of over USD 12 billion.
Adani owns and operates eight ports and terminals in India. These are at Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Orissa, Mormugao in Goa, Visakhapatnam in Andhra Pradesh and Katupalli in Chennai.
Mundra Port, which is the largest port in India, benefits from a deep draft, first-class infrastructure and SEZ status.
Adani is also developing a terminal at Ennore in Tamil Nadu and Vizhinjam in Kerala.
The shares of the company closed at Rs 306.90 apiece, up 0.74 percent from the previous close on the BSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
