Adani Ports and Special Economic Zone Ltd’s (APSEZ) net profit fell 38.10 per cent to Rs. 614.23 crore in the July-September quarter of this fiscal against Rs. 992.37 crore in the second quarter of FY18 as the company booked a higher mark-to-market loss on its foreign currency loans owing to weak rupee.
The country’s biggest private port-operating firm’s total income declined marginally to Rs. 2,922.32 crore (including other income of Rs. 314.31 crore) from Rs. 2,962.12 crore last year.
“Rupee depreciated 5 per cent in Q1 FY19 and 6 per cent in Q2 FY19. Thus, we have provided a mark-to-market loss of Rs. 953 crore in H1 FY19 compared to a mark-to-market loss of Rs. 47 crore in H1 FY18 on our foreign currency loans. This has resulted in lower profit before tax and profit after tax,’’ the company said in a statement.
The financial performance overshadowed a strong operational performance in which APSEZ had handled over 100 million tonnes of cargo across 10 ports/terminals during the first half of FY19. Cargo volumes grew 22 per cent in the second quarter and 15 per cent in the first half of this fiscal.
Mundra – the flagship port of APSEZ - posted 12 per cent growth in H1FY19, Hazira 23 per cent, Dahej 36 per cent, Tuna 68 per cent and Kattupalli 22 per cent.
APSEZ did not earn any revenue from SEZ port-led development in H1FY19 compared with Rs. 1,165 crore in H1FY18. “If we exclude SEZ port-led development revenue earned in H1FY18, consolidated revenue has grown by 17 per cent in H1FY19 to Rs. 5,019 crore from Rs. 4,286 crore in H1FY18.
Source: The Hindu Business Line
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