Mundra Port net up 36% at Rs 918 cr

Mundra Port and Special Economic Zone (MPSEZL), an Adani Group firm, today reported a growth of 35.82% in its consolidated net profit at Rs 918.14 crore for the year ended March 31, 2011.

The company had reported a net profit of Rs 676 crore in 2009-10.

Net sales of the company during the year rose by 33.74% to Rs 2,000.11 crore vis-a-vis Rs 1,495.52 crore in FY10, it said in a filing to the Bombay Stock Exchange.

During the year, Mundra Ports' revenues from port and SEZ activities was at Rs 1,863.40 crore, registering a growth of 34.29%, the filing said, the company had earned Rs 1,387.53 crore from the same segment in 2009-10.

However, the company did not report its financial numbers for the quarter ended March 31, 2011.

On standalone basis, the company's net profit was Rs 986.16 crore in FY11, registering a growth of 40.68% as compared to Rs 700.98 crore it had reported last fiscal. Its net sales were also up by 40.73% at Rs 1,792.82 crore.

The Adani Group firm had announced last week that it has acquired long term lease to Abbot Point Coal Terminal in Queensland, Australia for about USD 1.8 billion, which also marks the beginning of the company's business expansion outside India.

The port, known as Abbot Point X50 Coal Terminal (APCT), is a profit-making port with expected revenue of 110 million Australian dollars in 2011. It presently has two berths capable of handling cape-size vessel of over two lakh tonnes dead weight tonnage (DWT), with annual installed capacity to load 50 million tonnes.

The company has recently won a contract for developing an import coal terminal at Vishakhapatnam in Andhra Pradesh, while it aims to handle 200 million tonnes per annum cargo by 2020.

Shares of the company were trading in red on the Bombay Stock Exchange at Rs 130.75 1345 hours, down 0.95% from the previous close.