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Adani Ports’ Q2 net rises 61% to Rs 1,091 crore

 PTI |  2016-10-26 22:45:39.0  |  New Delhi

Adani Ports’ Q2 net rises 61% to Rs 1,091 crore

Adani Ports and Special Economic Zone (APSEZ) on Tuesday reported a healthy 61 per cent jump in its consolidated net profit at Rs 1,091 crore for the quarter ended September 30, helped by growth in cargo volumes and operational efficiencies.

The Gautam Adani-led firm had clocked a net profit of Rs 678 crore in the year-ago period, it said in a BSE filing. Total consolidated income of the company rose by 21 per cent to Rs 2,183 crore in the July-September quarter this fiscal from Rs 1,808 crore during the same period in 2015-16. Its total expenses were higher at Rs 1,014 crore from Rs 898 crore during the period under review. 

APSEZ CEO Karan Adani said: “Healthy growth in cargo volumes, operational efficiencies and our efforts to change the mix of bulk cargo beyond coal has enabled us to report all-round growth in our financial numbers.”

With government’s Make in India scheme likely to take off in the near future, the firm’s SEZ monetisation is expected to gain momentum, he added. “Implementation of GST will help our logistic arm to expand further. With our port to hinterland connectivity further improving, we would be truly a fully integrated player providing end-to-end service to our customers. This will result in higher volume and financial growth,” Adani said.

The firm’s consolidated cargo volumes increased by 17 per cent to 43 million tonnes (mt) in the September quarter compared the same quarter in 2015-16, while container volumes rose by 30 per cent year-on-year. “On the balance sheet front, we have reduced our related party loans by Rs 1,035 crore in April-September 2016-17 and target to reduce it entirely by the financial-year end,” APSEZ said. 

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