Adani Ports Q2 profit rises 61% to Rs1,091 crore
New Delhi: Adani Ports and Special Economic Zone (APSEZ) on Thursday reported a healthy 61% jump in its consolidated net profit at Rs1,091 crore for the quarter ended 30 September, helped by growth in cargo volumes and operational efficiencies.
The Gautam Adani-led firm had clocked a net profit of Rs678 crore in the year-ago period, it said in a BSE filing.
Total consolidated income of the company rose by 21% to Rs2,183 crore in the July-September quarter from Rs1,808 crore during the same period in 2015-16. Its total expenses were higher at Rs1,014 crore from Rs898 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% to 43 million tonnes (MT) in the September quarter compared the same quarter in 2015-16, while container volumes rose by 30% year-on-year.
“On the balance sheet front, we have reduced our related party loans by Rs1,035 crore in April-September 2016-17 and target to reduce it entirely by the financial-year end,” APSEZ said.