MPSEZ net profit up 29%

Adani Group-owned Mundra Port and Special Economic Zone Ltd (MPSEZ) has posted net profit of Rs 273 crore for the second quarter ended September 2011, showing a growth of 29 per cent over Rs 212 crore in the same period last year.

Company's revenues for the period rose by 48 per cent at Rs 626 crore against Rs 424 crore last year. Cargo handling at Mundra Port jumped 34 per cent at 16.8 million tonnes against 12.58 million tonnes in the corresponding period last year. Currency fluctuations have caused company the mark-to-market loss of Rs 14 crore during the quarter.

“With every quarterly results, Mundra has been consistently increasing its market position making it today the fourth largest commercial port in India marginally lower than JNPT,” said Gautam Adani, chairman of Adani Group in a media statement on Friday. Currently, MPSEZ holds about 11 per cent to total cargo handling at Indian ports.

At MPSEZ, coal cargo constituted 30 per cent of the total cargo composition, while containers held 26 per cent and crude oil was 16 per cent.

"Major growth has come from coal and crude cargo. However we expected our coal cargo handling to be about 7 million tonnes, which remained at about 5.13 million tonnes during the quarter. Fertilisers and container cargo too contributed to growth," informed B Ravi, CFO, MPSEZ.

For the half year ended September 2011, MPSEZ has registered net profit of Rs 528 crore up 25 per cent from Rs 423 crore in the same period last year.

Revenues rose by 38 per cent at Rs 1157 crore from Rs 841 crore last year. Cargo handling during the first half period rose by 27 per cent at 31.88 million tonnes against 25.20 tonnes last year.

MPSEZ has laid out capex plan of Rs 3000 crore to 4000 crore towards expansion and setting up of new terminals on Indian shores over the next four to five years.

The funding for the new projects has been tied up. MPSEZ has Rs 3785 crore debt on books as on September 30, 2011.