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Private sector port operator Adani Ports and Special Economic Zone Ltd has registered ₹477 crore standalone net profit for the third quarter ended December 31, 2013, 15 per cent higher than ₹415 crore reported in the corresponding quarter the previous year.
The company’s total income for the period stood at ₹1,052 crore against ₹927 crore in the same period previous year, the company informed in a stock exchange filing on Monday.
On a consolidated basis, the company’s net profit stood at ₹451 crore against ₹361 crore last year, showing a growth of around 25 per cent. Total consolidated income for the quarter increased from ₹1,076 crore for the quarter ended December 31, 2012 to ₹1,244 crore for the quarter ended December 31, 2013.
Commenting on the results, B Ravi, Chief Financial Officer, said, “We had robust cargo volumes at our all operational ports. Our focus on improving processes and innovation will enable us to have a long-term sustainable growth. Diversified cargo growth with completion of other ports will provide additional thrust to the growth in ensuing period resulting better financial performance.”
For the nine-month period ended December 2013, the company posted a 53 per cent jump in total consolidated income to ₹4,219 crore against ₹2,759 crore in the same period last year. Consolidated profit after tax increased 33 per cent to ₹1,210 crore compared to ₹913 crore in the same period last year.
On a standalone basis, APSEZ posted a net profit of ₹1,488 crore for the nine-month period, up 18 per cent from ₹1,263 crore for the same period last year.
Gautam Adani, Chairman, Adani Ports & SEZ Ltd. said, “Our aim is always to follow best practices and help in nation building through world-class infrastructure and we are glad, we are progressing well in the direction.”
Adani Ports handled 74.73 million tonnes of cargo making it the largest commercial port in India. It registered a 26 per cent growth in the nine months of FY14 compared to a growth of 2 per cent for cargo at all major ports. In the case of containers, it handled 1.68 million TEUs with 33 per cent growth compared to a de-growth by 4 per cent in container volume at all major ports.
The company handled 26.52 MT cargo with 24 per cent growth in Q3FY14 compared to a growth of 1 per cent at all major ports. In the case of containers handled 0.64 million TEUs with 57 per cent growth compared to a de-growth by 3 per cent at all major ports.
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