APSEZ's consolidated Q1 net up 31% at Rs 836 cr

Company's total income up 11.28% at Rs 2,084 cr; consolidated cargo volumes rise by 7% y-o-y

In the first quarter ended June 30, 2016 financial results announced on Tuesday, Adani Ports and Special Economic Zone Ltd (APSEZ) posted a 2.1 per cent fall in its standalone net profit for the period, the company informed BSE in its filing.

As against Rs 615.91 crore for the quarter ended June 30, 2015, APSEZ posted a standalone net profit of Rs 602.84 crore for the said quarter in the current fiscal 2016-17.

The company's standalone total income grew marginally by two per cent to stand at Rs 1,327.16 crore for the quarter ended June 30, 2016, up from Rs 1,301.10 crore for the quarter ended June 30, 2015.

On a consolidated basis, APSEZ registered a 31 per cent growth in its net profit in Q1 of FY 2017 at Rs 835.71 crore, as against Rs 638.93 crore for the corresponding period last year. The company's consolidated total income grew by 11.28 per cent to stand at Rs 2083.72 crore for the quarter ended June 30, 2016, up from Rs 1872.36 crore for the said period last year.

The company saw its consolidated cargo volumes increase by seven per cent on year-on-year (Y-o-Y) basis from 39.61 million metric tonnes (MMT) in Q1 of FY'16 to 42.33 MMT in Q1 of FY'17. According to Karan Adani, chief executive officer, APSEZ, the company's cargo volumes growth of seven per cent came at a time when Indian cargo growth was at around four per cent. On the other hand, container volumes increased by 27 per cent on Y-o-Y basis for APSEZ.

"A healthy growth in cargo volumes, operational efficiencies and our strategy to increase bulk cargo volumes, other than coal volumes have enabled us to report all round growth in our financial numbers. Our bottom line growth is a result of our immense focus on controlling borrowing costs along with maintaining high EBITDA margin. Going forward, coastal shipping, commissioning of CT4, further growth in volumes at Kattupalli will be our focus areas," Karan Adani stated in an official communique.

APSEZ's shares shed 0.35 per cent on Tuesday to close at Rs 239.55 per share on BSE.