Adani Ports and SEZ Ltd on Monday reported a 12.52 per cent growth in consolidated net profit at Rs 361.09 crore for the third quarter ended 31 December 2012, mainly on account of 52 per cent jump in sales.
The Adani Group company had reported a net profit of Rs 320.90 crore in the same quarter of the previous fiscal.
In a statement, company’s Chief Financial Officer B Ravi said: ‘To focus on the high growth in Indian ports and logistics sector and maintain its leadership position in India, the Board of Adani Ports has in-principle decided to divest its significant stake in entities controlling the Abbot Point Coal Terminal in Queensland, Australia to the Adani family.’ The divestment will be subject to requisite approvals and clearances, at a valuation determined by an independent valuer, he said, adding that it will ‘further enhance the financial strength of Adani Ports in order to pursue its plans to acquire/set up new ports and logistics assets in India’. Adani Ports had acquired Abbot Point Coal Terminal in May, 2011 for Australian dollars 1.8 billion (about Rs 9,000 crore) in an all cash deal. During the quarter, net sales of the company rose by over 52 per cent to Rs 1,340.21 crore vis-a-vis Rs 881.09 crore of the October-December quarter of FY12. Moreover, its total expenditure also increased by over 49 per cent to Rs 639.94 crore. ‘It is a matter of pride and deep sense of satisfaction that the company has been outperforming the other ports in terms of cargo volumes growth and efficiencies,’ company Chairman Gautam Adani said.
The Adani Group company had reported a net profit of Rs 320.90 crore in the same quarter of the previous fiscal.
In a statement, company’s Chief Financial Officer B Ravi said: ‘To focus on the high growth in Indian ports and logistics sector and maintain its leadership position in India, the Board of Adani Ports has in-principle decided to divest its significant stake in entities controlling the Abbot Point Coal Terminal in Queensland, Australia to the Adani family.’ The divestment will be subject to requisite approvals and clearances, at a valuation determined by an independent valuer, he said, adding that it will ‘further enhance the financial strength of Adani Ports in order to pursue its plans to acquire/set up new ports and logistics assets in India’. Adani Ports had acquired Abbot Point Coal Terminal in May, 2011 for Australian dollars 1.8 billion (about Rs 9,000 crore) in an all cash deal. During the quarter, net sales of the company rose by over 52 per cent to Rs 1,340.21 crore vis-a-vis Rs 881.09 crore of the October-December quarter of FY12. Moreover, its total expenditure also increased by over 49 per cent to Rs 639.94 crore. ‘It is a matter of pride and deep sense of satisfaction that the company has been outperforming the other ports in terms of cargo volumes growth and efficiencies,’ company Chairman Gautam Adani said.