MPSEZ net up 40%

Buoyed by a 44 per cent growth in its container business, Adani Group's Mundra Port and SEZ (MPSEZ) , has reported a rise of 40 per cent in its net profit in its financial performance for the third quarter ended December 31, 2010. One of the leading private sector port, MPSEZ posted a net profit of Rs 228 crore for Q3 as against Rs 163 crore for the corresponding period during last fiscal 2009-10.

The company's total income increased from Rs 340 crore during third quarter last year to Rs 452 crore this year, posting a rise of 33 per cent for Q3. ""Mundra posted a total income of Rs 452 crore for the current quarter as compared to Rs 340 crore during the corresponding three months last year recording a growth of 33 per cent. Profit after tax for the current quarter is Rs 228 crore as compared to Rs 163 crore for the corresponding quarter last year, a growth of 40 per cent year-on-year (YoY)," said B Ravi, chief financial officer, Mundra Port and SEZ.

As against a growth of two per cent shown by major ports put-together, Mundra Port witnessed a rise of 26 per cent in cargo. The company also further improved its market share to over 8.28 per cent, a growth of about 1.53 per cent year-on -year. With the container business for the quarter also showing a growth of 44 per cent as compared to corresponding quarter last year, the growth at Mundra seems set to continue this fiscal. MPSEZ handled over 12.41 million tonnes of cargo in Q3 up by 26 per cent over similar period last year

The company posted a total income of Rs 1,291 crore, as compared to Rs 998 crore, recording a growth of 29 per cent.