Adani Ports net profit up 34% at Rs 415 cr; to divest stake in Australian port

Our Bureau Ahmedabad | Updated on January 28, 2013 Published on January 28, 2013

Adani Ports & SEZ Ltd, India’s largest private port developer and part of Adani Group, on Monday said its net profit increased by 34 per cent and total income by 32 per cent in the third quarter of 2012-13, ended December 31, compared to the corresponding quarter last fiscal.

While income was Rs 927 crore (Rs 701 crore), the net profit stood at Rs 415 crore (Rs 311 crore).

The cargo handled by the company stood at 21.38 million tonnes (mt), an increase of 21 per cent, over the corresponding quarter a year ago, said Gautam Adani, Chairman, while commenting on the results.

The cargo handled at all other Indian ports has declined by 3 per cent.

Adani Ports continued to be the second largest commercial port of India both in total cargo as well as in the containers.

B. Ravi, CFO, said the company’s board has decided, in principle, to divest its significant stake in entities controlling the Abbot Point Coal Terminal in Queensland, Australia, to the Adani Family, subject to requisite approvals, formalities and clearances, at a valuation determines by an independent valuer.

This would enable the company to focus on the high growth Indian ports and logistics sector and maintain its leadership position in India.

This divestment will further enhance the financial strength of APSEZL to pursue its plans to acquire / set up new ports and logistics assets in India.

Adani Ports currently owns and operates three ports – Mundra and Dahej in Gujarat, India, and Abbot Point in Australia. The company is also developing ports at Hazira, Mormugao, Visakhapatnam and Kandla in India and Dudgeon Point in Australia. “Our aim is to increase our annual cargo handling capacity from 78 mt in 2012 to 200 mt by 2020,” said Adani.

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Published on January 28, 2013
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