04-05-2016

Adani Ports reports 38% increase in March quarter profit to Rs914 crore

AP

Adani Ports and Special Economic Zone (APSEZ) Ltd, India’s largest port developer, reported a 38% increase in profit for the quarter ended March.

Consolidated profit rose to Rs.914 crore in the January-March quarter from Rs.661 crore in the year earlier, the company reported on Tuesday.

Consolidated total income increased by 18% to Rs.2,162 crore in the fourth quarter as compared to Rs.1,832 crore last year.

For the year ended 31 March, the company reported consolidated net profit of Rs.2,867.36 crore, an increase of 24% from a year earlier. Its consolidated revenue for the period stood at Rs.7,255.73 crore, a growth of about 18% compared to the previous year.

After taking over the operations at Kattupalli from L&T Shipbuilding, the company has increased its volume from 7,900 Twenty-Foot Equivalent Unit (TEUs) per month, a metric used to measure a ship’s cargo carrying capacity, to over 11,500 TEUs per month, the company said in a media statement on Tuesday.

Consolidated cargo across all ports handled by the company was 152 million tonnes (mt) in FY16, an increase of 5% over the previous financial year. Consolidated cargo for the fourth quarter stood at 37 mt thereby continuing its leadership as the single largest commercial port in India, it said.

“Our strategy continues to bear fruit, with total operating income for the first time exceeding the $1 billion mark. With an expanded footprint at 10 locations along the Indian coastline, we aim to continue to drive growth within our ports business, as well as look to the further development of industrial clusters and full-service logistics, with the ultimate goal of building a fully integrated logistics player of significant scale,” said Gautam Adani, chairman, Adani Group.

In 2016-17, APSEZ aims to achieve growth in cargo volumes of 10-15% and corresponding 10-15% growth in profit after tax, Karan Adani, CEO, APSEZ said in a media statement.

Source: Live Mint

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