Adani Ports net profit up by 16% to Rs 667 crores in Q2

Ahmedabad

Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and part of Adani Group, has registered an increase of 16% in its net profit with a figure of Rs 667 crore during the second quarter of the current fiscal.

According to the Q2 results of the company declared today the consolidated cargo handled by the company was 36 MMT in Q2FY16, an increase of 4%, over corresponding period last year. Also, in case of containers, its Mundra port handled 0.73 million (Twenty Foot Equivalent unit) TEUs in Q2FY16 as against 0.67 million TEU’s in corresponding period last year showing a 9% growth.

Consolidated total income increased by 6 % to Rs.1,986 crores in Q2FY16 as compared to Rs.1,868 crores in the corresponding period last year and consolidated EBITDA increased by 7% to Rs. 1,349 crores as compared to Rs. 1,261 crores in the corresponding period last year.

The consolidated PAT in Q2FY16 increased by 16% to Rs 667 crores, as compared to Rs 574 crores in corresponding period last year.

Commenting on the results, Mr. Gautam Adani, Chairman, Adani Group said “Our strategic intent is to continue to develop the port infrastructure along the Indian coastline and thereby benefit from the synergies this network brings to APSEZ. We are pleased to have added to our portfolio and signed the concession agreement for the development of the Vizhinjam International Deepwater Seaport with the Government of Kerala. This will give us access to the significant volume of global container traffic that goes past this region”.

Elaborating on the performance, Mr. Sudipta Bhattacharya, Chief Executive Officer of APSEZ, said “We continue to improve our mix of cargo across our ports. As we build out our pan India presence, we are also seeing the specific benefits of an increasingly diversified cargo mix that our ports are already handling. This positions us well to continue to capture market share across all types of cargo that are expected to grow as the Indian economy continues to expand”.

– DeshGujarat