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Ports operator Adani Ports & Special Economic Zone Ltd (APSEZ) reported a net profit of Rs 1,091 crore for the second quarter ended September 2016, up 61 per cent from Rs 678 crore in the same period last year.
Consolidated income for the quarter increased by 21 per cent to Rs 2,183 crore, the company said in a statement here.
For the half-year ended September 30, 2016, consolidated net profit stood at Rs 1,927 crore, up 46 per cent as against Rs 1,321 crore in the corresponding quarter last year.
Consolidated operating income for the first-half increased by 14 per cent to Rs 4,010 crore.
The company's ports operations witnessed cargo volumes increasing by 12 per cent to 85 mt as against 76 mt during the six-month period, while container volumes increased by 28 per cent on a year-on-year basis.
On the balance sheet front, we have reduced our related party loans by Rs 1,035 crore in the first half of the current fiscal and target to reduce it entirely by the financial year-end, the company said.
“Healthy growth in cargo volumes, operational efficiency and our efforts to change the mix of bulk cargo beyond coal has enabled us to report all-round growth in our financial numbers," Karan Adani, Chief Executive Officer of APSEZ, said.
APSEZ shares surged close to 11 per cent on the National Stock Exchange (NSE) at Rs 315.90 on Tuesday.
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