APSEZ gains after good Q1 result

Adani Ports and Special Economic Zone rose 0.79% to Rs 268.80 at 15:24 IST on BSE after consolidated net profit rose 36.04% to Rs 568 crore on 8.77% fall in total income to Rs 1430.38 crore in Q4 March 2014 over Q4 March 2013.

The Q1 result was announced during market hours today, 6 August 2014.

Meanwhile, the S&P BSE Sensex was down 195.93 points or 0.76% at 25,712.08

On BSE, so far 9.89 lakh shares were traded in the counter as against average daily volume of 8.23 lakh shares in the past one quarter.

The stock hit a high of Rs 275.40 and low of Rs 265.30 so far during the day. The stock hit a 52-week high of Rs 294.05 on 21 July 2014. The stock hit a 52-week low of Rs 118 on 5 August 2013.

The stock had underperformed the market over the past one month till 5 August 2014, falling 3.07% compared with 0.21% fall in the Sensex. The scrip had also outperformed the market in past one quarter, surging 43.35% as against Sensex's 15.43% rise.

The large-cap company has equity capital of Rs 414.01 crore. Face value per share is Rs 2.

Adani Ports and Special Economic Zone (APSEZ)'s consolidated EBIDTA increased by 39% to Rs 990 crore in the Q1 June 2014 over Q1 June 2013.

APSEZ said that consolidated cargo handled rose 27% to 33.83 MMT in Q1 June 2014 over Q1 June 2013. APSEZ handled 28.86 MMT cargo in Q1 June 2014 thereby continuing its leadership as the largest commercial port in India, the company said.

The Mundra port registered a 22% growth in Q1 June 2014 compared to 4% aggregate cargo growth at all major ports. Also, in case of containers, the Mundra port handled 681,000 TEUs in Q1 June 2014 as against 477,000 TEU's in Q1 June 2013 year resulting in a 43% growth as compared to growth of 4% aggregate growth in container volumes at all the major ports.

The acquisition of the Dhamra port was also completed in Q1 June 2014 and it handled 4.20 MMT cargo during Q1 June 2014, a growth of 36% over the corresponding quarter last year. The capacity expansion work is already in progress. Also, Dahej port volumes grew by 28% and the Hazira port volumes increased by 85% on a YoY basis, APSEZ said.

APSEZ said that consideration received towards transfer of container terminal (CT3) operated by APSEZ to a 50:50 JV with MSC, the world's 2nd largest container shipping line in Q1 June 2013 was realigned to make the quarterly numbers comparable.

Commenting on the results, Gautam Adani, Chairman, Adani Group. said, the results are a validation of our strategy as we continue to show growth significantly faster than the rest of the industry. The acquisition of the Dhamra port and the JV with CMA CGM will further augment our organic growth rates.

Elaborating on the financial performance, Sudipta Bhattacharya, Chief Executive Officer of APSEZ, said Our focus is on leveraging the benefits of our increasing scale and the resulting efficiencies through our pan India presence.

APSEZ is engaged in business of developing, operating and maintaining the port and port related infrastructure facilities including multi-product special economic zone.

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