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The Adani Group-promoted Mundra Port and SEZ Ltd on Friday said that its profit after tax (PAT) has increased by 29 per cent and income by 48 per cent on account of increased volumes handled in the second quarter of 2011-12, ended September 30, compared to the corresponding quarter in the last fiscal.
While the company’s revenues were Rs 626 crore (Rs 424 crore), PAT stood at Rs 273 crore (Rs 212 crore). Exchange rate fluctuations, however, dragged PAT down, in mark-to-market losses, by Rs 14 crore, Mr B. Ravi, Chief Financial Officer (CFO), told reporters here.
The scrip closed 4.79 per cent down at Rs 151 on the BSE.
In Q2, the company, operating the largest privately-run port in India, handled 16.8 million tonnes of cargo against 12.58 mt in the second quarter last fiscal, an increase of 34 per cent.
Mr Ravi said the major growth drivers were bulk cargo (including coal – 30 per cent), containers (26 per cent) and crude (16 per cent). The company handled 40 per cent more coal at 5.13 mt (3 mt), although it had expected to handle 6 to 7 mt.
He ruled out any funding problem from banks to Mundra Port, saying that it is going to invest around Rs 4,000 crore on its various expansion plans in two to three years. Its debt-on-book at present was Rs 3,800 crore.
Emerging as India’s fourth largest commercial port, marginally lower than JNPT, Mundra Port’s share of cargo among Indian ports has gone up from 8.7 per cent to 11.2 per cent. The total cargo handled at Indian ports in Q2 was 150 mt (145 mt).
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