Mumbai: Billionaire Gautam Adani’s flagship business Adani Ports and Special Economic Zone (APSEZ) reported a 72% surge in its net profit in the September quarter to 1,059.20 crore, boosted by a deferred tax write-back of 290 crore.

APSEZ reported revenue from operations of 2,821 crore for the July-September quarter, a rise of 8% on an annual basis. Costs rose 14% over the same period to 2,440.5 crore.

In the first half of this fiscal, APSEZ recorded cargo throughput of 109 million tonnes (mt), 9% higher year-on-year. Ports across all three regions (west, south and east) registered strong growth, the company said in a release. Dhamra, the eastern port of APSEZ, registered a growth of 46%, Kattupalli in the south registered a growth of 17% while the western ports of Hazira grew 7% and Mundra grew 5%.

The company said increased cargo volume and the ability to maintain realization helped core operating profit (earnings before interest, tax, depreciation and amortization, EBITDA) grow 10% to 3,634 crore in H1 FY20 from 3,292 crore in H1FY19. EBITDA margins were at 65% in H1 FY20 compared to 66% in H1 FY19.

Karan Adani, CEO and whole-time director of APSEZ, said: “APSEZ continues to gain market share due to strategy of having multi commodity ports across key locations. Our market share in H1 FY20 has increased by 100 bps to 22% of all India cargo volume and to 35% of all India container volume. Though Q2 of FY20 was subdued, container volume continues to be strong. We expect H2FY20 to be better and (are) confident of achieving 224-228 mt of cargo throughput in FY20."

APSEZ is the largest port developer and operator in India and has 11 strategically located ports and terminals — Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai. These ports represent 24% of the country's total port capacity, handling vast amounts of cargo from both coastal areas and the vast hinterland. The company is also developing a transhipment port at Vizhinjam, Kerala and a container terminal at Myanmar.

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