APSEZ posts 14% growth in Q3 net profit

Consolidated cargo handling up 33% stands at 39 MMT in Q3 FY15

Led by growth in cargo handling, leading port developer Adani Ports and Special Economic Zone Ltd (APSEZ) has posted a 13.66% rise in its consolidated net profit for the third quarter ended December 31, 2014.

Part of the $9.4 billion (roughly over Rs 5,7000 crore) Adani Group, APSEZ posted a net profit of Rs 512.08 crore for Q3 of fiscal 2014-15 as compared to Rs 450.51 crore for the corresponding period last year.

Consolidated total income of the company grew by 37.62% to stand at Rs 1701.13 crore for the said quarter as against Rs 1236.04 crore of the corresponding period last fiscal.

On standalone basis, profit after tax (PAT) of APSEZ grew by 24.55% to stand at Rs 594.20 crore for the quarter ended December 31, 2014 as compared to Rs. 477.05 crore for the quarter ended December 31, 2013.

The total standalone income, however, increased by 12.04% from Rs 1,052.01 crore for the quarter ended December 31, 2013 to Rs 1,178.69 crore for the quarter ended December 31, 2014.

Elaborating on the operational performance, Sudipta Bhattacharya, Chief Executive Officer of APSEZ, said "We have had another record quarter and nine months performance on all fronts of cargo, revenue and EBIDTA growth and we are further enhancing our focus on sales & operational excellence to maintain our growth momentum."

Consolidated cargo handling by APSEZ stood at 39 MMT in Q3 FY'15, up by 33% over corresponding quarter last year. Adani ports at Mundra handled 29 MMT cargo in Q3 FY'15 thereby continuing its leadership as the single largest commercial port in India.

It also needs to be mentioned here that in June 2014, APSEZ acquired The Dhamra Port Company Limited.

Commenting on the results, Gautam Adani, Chairman, Adani Group said, "We are pleased that our performance across all ports continues to be robust therefore reflecting the strength of our Pan India strategy."

For the nine months period ended December 31, 2014 of fiscal 2014-15, consolidated cargo handled by the company stood at 108 MMT, registering a growth of 29% over corresponding to same period last year.

Adani ports at Mundra handled 84 MMT cargo in 9M-FY15 thereby continuing its leadership as the largest commercial port business in India. The Mundra port registered a 13% growth in 9M-FY15 compared to 5% aggregate cargo growth at all major ports.

Also, in case of containers, the Mundra port handled 2.02 million TEUs in 9M-FY15 as against 1.68 million TEU’s in corresponding to same period last year resulting in a 20% growth as compared to growth of 8% aggregate growth in container volumes at all the major ports.