Adani Ports Q3 profit rises 26% to Rs848 crore
Adani Ports and Special Economic Zone’s consolidated revenue rose 32% to Rs2,235.78 crore in December quarter
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Ahmedabad: Adani Ports and Special Economic Zone (APSEZ), the country’s largest port developer, reported a consolidated net profit of Rs848 crore for the quarter ended 31 December, a rise of 26% from a year earlier.
APSEZ said in a statement that its consolidated revenue rose 32% to Rs2,235.78 crore in the same period.
In Q3 FY17, APSEZ handled cargo of 41 million tonnes, an increase of 8% from 38 million tonnes it handled in Q3 FY16.
“Our strategy to diversify our 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 our newer ports namely Hazira, Dhamra and Kattupalli,” said Karan Adani, chief executive officer of APSEZ, in the statement.
Operational efficiencies and the company’s efforts to change the mix of bulk cargo beyond coal have resulted in all-round growth in our financial numbers, he added.
APSEZ owns and operates eight ports and terminals in India including Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Orissa, Mormugao in Goa, Visakhapatnam in Andhra Pradesh and Katupalli in Chennai. The company is developing a terminal at Ennore in Tamil Nadu and Vizhinjam in Kerala.