MPSEZ net up 74% on cargo surge

The Adani Group’s Mundra Port and Special Economic Zone Ltd (MPSEZ) has registered a net profit of Rs 335 crore for the fourth quarter ended March, as compared to Rs 192 crore in the corresponding period last year, a rise of 74 per cent.

Revenues for the quarter rose 50 per cent to Rs 644 crore from Rs 428 crore a year before, a company official said. "Our cargo volumes have jumped to 52.3 million tonnes in financial year 2011 against 40.3 mt the previous year, a growth of 30 per cent," said B Ravi, chief financial officer. He said coal cargo handling, 28 per cent of the total cargo, rose from 8.5 mt in 2009-10 to 14.6 mt in 2010-11.

"We are well on track to achieve our vision of emerging as India's number one private port. We are aiming at handling 200 mt of cargo volumes by 2020," said Gautam Adani, Group chairman.

Revenue in 2010-11 was Rs 1,935 crore against Rs 1,426 crore the previous year, up 36 per cent. Net profit rose 41 per cent from Rs 701 crore in 2009-10 to Rs 986 crore in 2010-11.

MPSEZ had recently acquired Abbot Point X50 Coal Terminal in Australia, for A$1.8 billion (Rs 9,000 crore).