Adani Group’s port arm Adani Ports and Special Economic Zone will buy back 11,700 non-convertible debentures out of the total outstanding 56,160 non-convertible debentures of face value ₹10 lakh each listed on the wholesale debt market segment of the BSE.

The board of directors of the company on Tuesday approved the buyback of the said NCDs aggregating to ₹1,170 crore from existing debenture holders in one or more tranche through negotiated deals as may be agreed upon.

The board of directors also approved the demerger of the marine business undertaking of APSEZ with annual turnover of ₹571.71 crore into Adani Harbour Services Pvt Ltd.

For the quarter ended December 2016, APSEZ posted standalone net profit of ₹744.34 crore as against ₹636.14 crore for the corresponding quarter a year ago, showing a 17 per cent growth on year-on-year basis. Total income from operations (net) stood at ₹1,324 crore as against ₹1,060 crore in the same quarter a year ago.

On consolidated basis, net profit increased to ₹849.75 crore for Q3, up 26 per cent from ₹675.32 crore reported in the corresponding quarter a year ago. Total income from operations increased to ₹2,235.78 crore as against ₹1,696.03 crore in the same period last year.

Karan Adani, Chief Executive Officer of APSEZ, said, “Our strategy to diversify cargo mix and focus on high-value cargo continues to yield positive results. Like last quarter, the continued outperformance in cargo volumes is backed by healthy growth in newer ports namely, Hazira, Dhamra and Kattupalli.”

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