MPSEZ Q2 net up 21%

Backed by a rise in its volume handling capacity, Adani Group's Mundra Port and Special Economic Zone Limited (MPSEZ) has posted a 21 per cent growth in its net profit for the second quarter of the financial year 2010-11. The company posted a net profit of Rs 212 crore for the second quarter as against Rs 175 crore for the corresponding period last year.

According to B Ravi, chief financial officer of MPSEZ, the company handled volume of 12.58 million tonne, a growth of 24 per cent for the current quarter, apart from a 25 per cent growth in its total income which went up to Rs 423 crore as compared to Rs 337 crore during the corresponding quarter of last year.

"The company has outperformed the other Indian ports during second quarter. While major ports put-together has shown a growth of one per cent during the current quarter, Mundra Port has shown a steep rise of 24 per cent in cargo. The company's container business for the quarter also showed a growth of 38 per cent as compared to six per cent growth in all other ports put-together," said Ravi.For the half year, MPSEZ posted a growth of 22 per cent for net profit, which grew from Rs 346 crore during the corresponding half year of fiscal 2009-10 to Rs 423 crore for current half year. MPSEZ became the seventh largest port in India when it handled 25.20 million tonne of volume for the half year ended September 30, 2010, a growth of 26 per cent as against corresponding period last year.

Meanwhile, recently, Mundra port berthed M. V. Northern Jaguar of MSC lines, largest container vessel called at any Indian port, having capacity of 8400 TEUs, 332 meter length, 43.2 meter width and 115000 DWT carrying capacity.