Adani group chairman Gautam Adani (Mint)
Adani group chairman Gautam Adani (Mint)

Adani Ports Q3 profit rises 42% to 1410 crore

  • Revenue for the quarter grew by 5% to 2,824 crore from 2,689 crore in the third quarter of 2007-18
  • Coal cargo volumes grew by 11% during the quarter while containers grew by 9%

Ahmedabad: Adani Ports and Special Economic Zone Limited (APSEZ), the ports and logistics arm of the Adani group, posted a consolidated net profit of 1,410 crore for the quarter ended December 31, 2018. This is a rise of 42% from the figure of 994 crore in the corresponding quarter in the year previous.

Revenue for the quarter grew by 5% to 2,824 crore from 2,689 crore in the third quarter of 2007-18. The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 3% to 1,843 crore in the third quarter from the same quarter a year earlier.

Tonnage at Mundra, the flagship port of APSEZ, grew by 6%, Hazira and Dahej ports grew by 15% and 20%, respectively. The eastern port of Dhamra registered growth of 9%.

Commercial operations at Ennore port (Chennai) commenced and it handled 24,000 TEUs (twenty-foot equivalent units) in the three-month period.

All segments of cargo registered significant growth. Coal cargo volumes grew by 11% while containers grew by 9%. Bulk cargo other than coal also registered growth of 10%, the company said in a statement today.

Karan Adani, chief executive officer and wholetime director of APSEZ, said, “All types of cargo, namely coal, container, crude and other bulk have shown double-digit growth in the nine months of 2018-19. We will continue our strategy to diversify our cargo mix and continuously add economic hinterland reach."

The cargo volume outlook remained strong and the company expects to exceed its earlier guidance of 200 million metric tonne cargo volume in 2018-19.

APSEZ’s 10 strategically located ports and terminals represent 24% of the country's total port capacity, handling large amounts of cargo from both coastal areas and the vast hinterland. The company is also developing a transhipment port at Vizhinjam in Kerala.

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