Companies

Q3 results: APSEZ standalone net up 74 per cent

Our Bureau Ahmedabad | Updated on February 06, 2019 Published on February 06, 2019

"We will continue our strategy to diversify cargo mix and continuously add economic hinterland reach," said Karan Adani, CEO, APSEZ   -  BusinessLine

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Adani Group's ports arm, Adani Ports and Special Economic Zone Ltd (APZEZ) posted standalone net profit of Rs 916 crore for the quarter ended December 2018 as against Rs 526 crore for the corresponding quarter a year ago, showing a growth of 74 per cent on year-on-year bass.

Company's standalone revenues from operations grew to Rs 1,458 crore for the quarter from Rs 1,417 crore in the same quarter last year.

The company further informed that the board of directors gave in-principle approval for issuance of non-convertible debentures for refinancing of existing borrowing for an aggregate amount upto Rs 2000 crore in one or more tranches on Private Placement Basis.

On consolidated basis, company posted net profit of Rs 1,410 crore as against Rs 994 crore in the same quarter last year, on consolidated revenues from operations at Rs 2824 crore for the quarter as against Rs 2689 crore reported last year.

Company's consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) excluding forex gain/losses stood at Rs 1,843 crore for the quarter under review as against Rs 1784 crore in the previous year.

On operational front, company registered 14 per cent volume growth in cargo handling, while Coal grew by 12 per cent and container grew by 13 per cent.

Karan Adani, Chief Executive Officer (CEO) and Whole Time Director, APSEZ said, "In fact all types of cargo namely coal, container, crude and other bulk have shown double digit growth in nine-month period. We will continue our strategy to diversify cargo mix and continuously add economic hinterland reach. The trend registered in the third quarter is likely to continue and we are set to exceed our earlier guided cargo volume of 200 MMT in fiscal 2019. Sweating of our existing capacities, change in cargo mix, automation and technology ‘upgradation’ will further improve our EBITDA and free cash flows."

For the nine-month period of the current fiscal 2018-19, APSEZ posted consolidated net profit of Rs 2706 crore down by 1.4 per cent as against Rs 2745 crore in the corresponding period last year. Consolidated revenue for the period fell to Rs 7843 crore from Rs 8140 crore in the same period last year.

APSEZ shares lost close to three per cent during afternoon trades on the stock exchanges to trade at Rs 330.45 on the National Stock Exchange (NSE).

Published on February 06, 2019
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