Companies

APSEZ standalone net down 53% to ₹329 cr in Q2

Our Bureau Ahmedabad | Updated on October 27, 2021

Karan Adani, CEO, APSEZ   -  Businessline

Total expenses were up 84% at ₹1,143 crore

Ports operator Adani Ports and Special Economic Zone Limited (APSEZ) on Wednesday posted standalone net profit of ₹329 crore for the quarter ended September 30, down 53 per cent from ₹694 crore in the corresponding quarter a year ago.

Standalone revenues from operations stood at ₹1,090 crore (₹1,082 crore).

The company saw total expenses increase about 84 per cent during the quarter to ₹1,143 crore (₹621 crore). The expenses were primarily driven by interest and bank charges at ₹634 crore (₹495 crore).

On consolidated basis, APSEZ posted net profit for the period at ₹968 crore, down 30 per cent from ₹1,394 crore in the corresponding quarter a year ago. Consolidated revenues from operations stood at ₹3,532 crore (₹2,902 crore).

H1 numbers

On a half-yearly basis, the company's consolidated profit after tax increased 7 per cent to ₹2,310 crore (April-September), while consolidated revenues increased 56 per cent to ₹8,089 crore for the period.

Consolidated EBITDA for the period stood at ₹4,826 crore, up 47 per cent.

Commenting on the performance, Karan Adani, Chief Executive Officer, APSEZ, said, “Our strategy of geographic expansion with a focus on higher-growth regions, balancing cargo mix, expansion in the logistics business, particularly rail transportation, and foray into Grade-A warehousing segment reflects our move towards a ‘Transport Utility’ business model and is resulting in a continuous increase in our market share."

“Our acquisitions of Sarguja rail, Dighi port, and Gangavaram port, alongside the foray into Sri Lanka with a greenfield port in Colombo, all during H1 / 2021, are steps in that direction. We are on track to achieve our volume target for FY 21-22 which will be a milestone year for APSEZ,” he added.

APSEZ shares ended at ₹745.65 on the BSE on Wednesday, down 0.56 per cent over the previous close.

Published on October 27, 2021

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