APSEZ standalone net rises 36% to ₹623 crore in Q3

Adani Group’s ports arm, Adani Ports and Special Economic Zone Ltd (APSEZ), on Tuesday posted a standalone net profit of ₹623 crore for the third quarter ended December 2020, indicating a rise of 36 per cent from ₹459 crore in the same quarter a year ago.

The standalone revenues from operation stood at ₹1,305 crore for the quarter as against ₹1,183 crore in the corresponding quarter a year ago.

On consolidated basis, the net profit for the quarter stood at ₹1,577 crore, up 16 per cent from ₹1,356 crore in the same period last year.

Its consolidated revenues stood at ₹3,746 crore as against ₹2,902 crore in the same quarter last year.

Consolidated port revenues increased by 35 per cent to ₹3,279 crore from ₹2,424 crore in the same period last year. Consolidated Port EBITDA stood at ₹2,351 crore, up 38 per cent as against ₹1,705 crore last year.

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“Logistics business has reported an EBIDTA of ₹ 67 crore in third quarter of the fiscal as compared to ₹58 crore in third quarter last year, showing an increase of 16 per cent,” a company statement said.

Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ, said, “The strong recovery at APSEZ has been the cornerstone of our journey in the recent past. It’s a proven certitude that our business now operates closer to a pure-play utility.”

“APSEZ is well on course to achieve 500 MMT of cargo throughput by FY25. APSEZ will be investing in the logistics and warehousing business with increased investment in tracks, rakes as well as land for developing multi-modal logistics parks and warehousing facility,” added Adani.

On its operational performance during the quarter, the company stated that its ports across all three regions registered strong growth with western ports growing by 25 per cent and eastern ports by 10 per cent.

APSEZ shares traded nearly flat at ₹582.30 on Tuesday after results announcement.