Companies

Adani Ports, too, posts 84% sequential increase

Mumbai | Updated on November 03, 2020 Published on November 03, 2020

Adani Ports and Special Economic Zone Ltd (APSEZ) posted an 84 per cent rise in net profit to ₹1,393.69 crore during the July-September quarter from ₹757.83 crore in the April-June quarter.

The consolidated revenue from operations of India’s biggest private port operator rose 27 per cent to ₹2,902.52 crore during the second quarter from ₹2,292.69 crore in the previous quarter. Net profit and revenue from operations were ₹1,059.20 crore and ₹2,821.16 crore, respectively.

The company handled 56.25 million tonnes (mt) of cargo during the second quarter across its portfolio of nine ports, an increase of 36 per cent over the 41.41 mt handled during the first quarter, on the back of a rebound in economic activities.

On a year-on-year basis, the cargo volumes grew by 7 per cent.

“With the economy reopening in stages, APSEZ has returned to growth trajectory registering a cargo volume growth of 36 per cent on a quarter-on-quarter basis. Our focus continues to be on preserving cash and ensuring adequate liquidity,” said Karan Adani, CEO and whole-time director of APSEZ.

“We expect cargo volume in FY21 to be 245-250 mt including Krishnapatnam port, which we acquired in October,” he added.

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Published on November 03, 2020
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