26-10-2016

Adani Ports’ standalone net profit dips by 13.48% in Q2FY17

Adaniport

Adani Ports and Special Economic Zone (APSEZ) reported 13.48 per cent drop in standalone net profit for the quarter ended September 30, 2016. Its net profit stood at Rs 916.67 crore in Q2FY17 as against Rs 1,059.51 crore in corresponding quarter last financial year.

The company's net income for the same period has declined by 16.52 per cent to Rs 1,301.87 crore as against Rs 1,559.67 crore in corresponding period of FY 2015-16.

However, it has seen growth of 60.97 per cent in consolidated net profit to Rs 1,090.81 crore in first quarter of current financial year as against Rs 677.64 crore in Q2 FY16.

Karan Adani, chief executive officer of APSEZ said, "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."

Adani Ports' net income at the quarter ended September 30, 2016 reported rise by 20.14 per cent to Rs 2,183.05 crore against Rs 1,808.14 crore in corresponding period of 2015-16.

"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," said Karan Adani.

Source: Business Standard 

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