Ahmedabad: Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest port developer, reported first quarter net profit rose 36% to 568 crore from 418 crore a year ago.

Total income from port-related operations increased by 26% to 1,430 crore from 1,131 crore in same quarter last fiscal.

The cargo handled by the company was 33.83 million tonnes (mt) in the quarter, an increase of 27% over the corresponding quarter last year. The company’s port at Mundra in Kutch district of Gujarat handled 28.86 mt of cargo in the first quarter, a 22% growth over the year-ago figure and higher than the 4% aggregate cargo growth at all major ports.

In terms of containers, the Mundra port handled 681,000 twenty-foot equivalent units (TEUs) during the period compared with 477,000 TEUs in the same quarter last year—a 43% growth.

The acquisition of the Dhamra Port in Odisha was also completed during this period and it handled 4.20 mt of cargo during the quarter, a growth of 36% over the corresponding quarter last year. Capacity expansion work at the port is in progress, APSEZ said in a media statement. Volume at the Dahej port grew by 28% and at the Hazira port by 85% on a year-on-year basis.

Adani Group chairman Gautam Adani said, “The results are a validation of our strategy as we continue to show growth significantly faster than the rest of the industry." The acquisition of the Dhamra Port and the joint venture with French container line CMA CGM SA will further augment organic growth rates, he said.

Sudipta Bhattacharya, chief executive officer of APSEZ, said, “We had a robust quarter with growth of all major cargo categories and we continue to maintain our Ebitda (earnings before interest, taxes, depreciation and amortization) margins at a high level of 70% in our port business. Our focus is on leveraging the benefits of our increasing scale and the resulting efficiencies through our pan-India presence."

Separately, Adani Power Ltd, India’s largest private power producer, said first-quarter loss narrowed because it sold more power and was allowed to increase prices because of rising fuel costs.

Loss narrowed to 303 crore in the three months ended 30 June from 1,198 crore in the year-ago period, the company said in a statement on Wednesday. Revenue more than doubled to 5,248 crore from 2,572 crore.

Adani Power sold 13.43 billion units or kilowatt hours (kWh) of power in the June quarter, compared with 8.1 billion units in the year earlier. The company has received favourable interim orders from the Rajasthan Electricity Regulatory Commission for compensatory tariff over and above the power purchase agreement tariff during the quarter, it said.

Chairman Gautam Adani said the outlook for the power sector is likely to improve as the new government at the Centre has combined the ministry of coal and ministry of power for speedy policy decisions.

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