Adani Ports Q1 profit declines 9% to ₹697.40 crore
Adani Ports’ consolidated income also decreased to ₹2,703.86 crore during June quarter, from ₹2,959.63 crore in the year-ago period
New Delhi: Adani Ports and Special Economic Zone (APSEZ) on Monday reported 9% decline in consolidated profit to ₹697.40 crore for the first quarter ended 30 June, 2018-19. It had posted net profit of ₹767.52 crore in the April-June quarter of last fiscal, 2017-18, APSEZ said in a filing to BSE.
The company’s consolidated income also decreased to ₹2,703.86 crore during quarter under review, from ₹2,959.63 crore in the year-ago period.
Its total expenditure during the said period was at ₹1,781.46 crore as against ₹1,867.43 crore in April-June 2017.
The company said in a separate statement that it completed acquisition of Kattupalli port during the first quarter of the current fiscal, and recommenced operations at its Vizag Terminal. Cargo volume grew by 9% over a year-ago quarter, it said.
“The growth was led by crude which grew by 65% and containers which grew by 16%. The cargo volume growth was led by our three larger ports. While Mundra port grew by 5%, Hazira grew by 14% and Kattupalli port grew by 13%,” it said.
At 9%, the company has clocked its highest quarterly throughput, APSEZ chief executive officer (CEO) and wholetime director Karan Adani said in the statement. “This has been possible due to our continued efforts to diversify cargo at all our ports. Port EBITDA (earnings before interest taxes depreciation and amortization) margins have expanded...we expect EBITDA to continue to expand due to our focus on higher capacity utilisation, automation and mechanisation through use of technology. Our focus will be to further strengthen our balance sheet and to continue best practices in health, safety and environment processes,” he said.
Adani Ports and Special Economic Zone is India’s leading port developer and operator. APSEZ has 10 strategically located ports and terminals, including Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai—representing 24% of India’s total port capacity.
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