Adani Ports' quarterly profit jumps 47.50% to `1,029 crore

New Delhi: Adani Ports and Special Economic Zone (APSEZ) on Wednesday reported a 47.50 per cent rise in its consolidated net profit to Rs 1,028.69 crore for the June quarter, helped by higher income.

APSEZ — India's largest port developer and logistics arm of the Adani Group — had posted a consolidated net profit of Rs 697.40 crore for the corresponding quarter of the last fiscal, the company said in a regulatory filing to the BSE.

Total income grew to Rs 3,216.92 crore during the quarter under review as against Rs 2,703.86 crore a year ago. Total expenses, however, were flat at Rs 1,796.34 crore in April-June 2019 as against Rs 1,781.46 crore in the year-ago period.

"Cargo throughput at our ports continues to be robust. The strategy to have multi commodity ports with geographical diversity connected to major economic hinterland, ability to handle various types of cargo and forming joint ventures with ship liners has helped us to get more cargo at our ports," Karan Adani, chief executive and whole time director of APSEZ, said in a statement. He further said that the company's focus would continue to be on optimum utilisation of facilities, providing customer centric solutions and ensuring that APSEZ continues to outperform the growth registered by all India ports.

The company, he said, will continue to adopt best practices in environment, social and governance processes.

APSEZ Chief Financial Officer Deepak Maheshwari said, "Continued strength in our core operations has resulted in 16 per cent increase in both our operating revenue and consolidated EBITDA, maintaining our EBITDA margins. We are focussed on allocating capital efficiently and improving the return on capital employed."