Adani Ports Q4 profit rises 27% to Rs 1,179 crore
- Kejriwal’s apology to Majithia a bid to reduce defamation burden: Amarinder Singh
- Theresa May warns of new Russia sanctions as 23 UK diplomats expelled
- Tech giants set to face 3% tax on revenue under new European Union plan
- Nirmala Sitharaman says no repeat of Doklam crisis
- Govt plans regulatory framework for social media, online content: Smriti Irani
New Delhi: India’s largest port developer and the logistics arm of Adani Group APSEZ on Wednesday posted a jump of 27% in consolidated net profit to Rs1,179 crore for the fourth quarter ended March, on back of higher income.
Adani Ports and Special Economic Zone Limited (APSEZ) had clocked a net profit of Rs928 crore in the corresponding quarter of FY16. The company’s “profit after tax grew by 27% from Rs928 crore in the fourth quarter of FY16 to Rs1,179 crore in the fourth quarter of FY17,” the company said in a statement.
Its consolidated revenue from operations registered a growth of 18% to Rs2,231 crore in the quarter under review as against Rs1,899 crore in 2015-16.
“Consolidated EBITDA increased by 32% to Rs1,638 crore in the fourth quarter of FY17 from Rs1,238 crore in the fourth quarter of FY16,” the company said.
APSEZ handled a cargo of 43 million tonne (MT), a growth of 14% year-on-year while container volumes increased by 24%.
APSEZ chief executive officer and whole-time director Karan Adani said, “This is one of our best all-round performances. Our strategy to diversify our cargo mix and focus on high value cargo continues to yield positive results. FY17 volume growth was led by containers and high growth in other ports namely Hazira, Dhamra and Kattupalli. Our EBITDA margins have been improving year-on-year and this is likely to continue given our focus on operational efficiencies, technology and cost control.”
For the entire year, APSEZ’s profit after tax grew by 35% to Rs3,920 crore in FY17 from Rs2,914 crore in FY16. Consolidated revenue from operations registered a growth of 19% from Rs7,109 crore in FY16 to Rs 8,439 crore in FY17.
The company said it handled cargo of 169 MT during the year, a growth of 11% over the previous fiscal surpassing all India cargo growth of 8%.
“Container volumes crossed 4 million TEU’s for the first time at 4.24 million TEU’s, an increase of 27% on year-on-year basis, surpassing all India container growth of 10%,” it said.
The Adani Group is one of India’s leading business houses with revenue of over $12 billion. Shares of the company ended 2.41% up at Rs340.05 on BSE.