APSEZ posts 18% rise in Q3 PAT as cargo volumes grow 16%

Adani Ports and Special Economic Zone (APSEZ) has posted an 18 per cent year-on-year (yoy) increase in consolidated net profit for the third quarter of 2017-18 financial year to Rs 9.94 billion while its consolidated income from operations grew 22 per cent for the same period. The cargo volumes were up 16 per cent during the quarter.

The income from operations stood at Rs 26.89 billion during the quarter under review. The consolidated operating Ebitda increased by 46 per cent Rs 19.67 billion in Q3FY18 from Rs 13.44 billion in the year before period. 

APSEZ handled cargo of 47.61 million tonnes (mt) during the third quarter - the container volumes grew by 29 per cent and coal volumes by 13 per cent or so. Of the ports, Mundra (the largest port of APSEZ) grew by 17 per cent, while Hazira grew by 9 per cent and Kattupalli by 45 per cent. 

As for the nine-month period ending December 31, 2017, the consolidated profit after tax was Rs 27.45 billion, while the operating ebitda grew by 32 per cent to Rs 53.51 billion. Income from operations increased by 31 per cent to Rs 81.40 billion in 9MFY18. 

Karan Adani, Chief Executive Officer and WholeTime Director of APSEZ said, “Cargo volumes growth in Q3FY18 rebounded after a tepid Q2FY18. This growth was led by all-round double-digit growth in all major cargo that we handle."