Adani Ports & SEZ Q3 net up 36% to Rs 310 cr

Adani Ports and SEZ today reported 35.95% growth in net profit to Rs 310.59 crore for the quarter ended December 31, 2011.

The company, formerly known as Mundra Ports and SEZ, had reported a net profit of Rs 228.47 crore during the corresponding quarter of 2010-11.

Net sales of the company, during the quarter under review, rose by 55.71% to Rs 655.37 crore vis-a-vis Rs 420.68 crore of the October-December quarter of FY11, it said in a filing to the BSE.

However, company's net finance cost increased by about 6 times to Rs 78.31 crore in the quarter, largely due to losses incurred on derivative contracts, the filing added.

It further said that the company paid Rs 25.15 crore, which is net of minimum alternate tax (MAT), although it has filed a public interest litigation (PIL) against the levy of MAT on special economic zone (SEZ) developer.

The MAT on SEZ developers was introduced in this year's budget by Finance Minister Pranab Mukherjee.

The Adani group company, which changed its name on January 6, also said that Abbot Point Coal Terminal of Australia has been incorporated as its step down subsidiary on December 6, 2011. The company had acquired Abbot Coal Terminal for about Rs 9,000 crore (AUD 1.8 billion) in May, 2011.

The filing added that the company will pay an interim dividend of Rs 0.30 per equity share of Rs 2 each for the current fiscal.

Shares of the company were trading at Rs 148.50 apiece on the BSE at 1445 hrs, down 0.93% from the previous close.