Adani Ports and SEZ' net profit up by 13 percent in Q1

Adani Ports and Special Economic Zone Ltd on Monday posted an increase of 13 percent in its net profit at Rs. 641 crore for the first quarter as against Rs.568 crore in the same period last fiscal.

The company's consolidated total income including other income increased by 32 percent to Rs.1,897 crore in the period under review as compared to Rs.1,433 crore in the corresponding quarter last fiscal.

The consolidated EBIDTA increased by 31 percent to Rs.1,294 crore in the current quarter as compared to Rs.990 crore in same timeframe in 2014.

"The company's pan India presence continues to expand and we have received the letter of award from the government of Kerala for the development of the strategically located Vizhinjam port," Adani Group chairman Gautam Adani said in a statement.

The Vizhinjam International Deepwater Multipurpose Seaport Project is being developed in a pubic-private partnership mode on a design-build-finance-operate and transfer basis.

The consolidated cargo movement across all ports handled by the company stood at 40 million tonne (MT) in the fiscal quarter under consideration which is an increase of 17 percent over the corresponding quarter last year.

Its Mundra port in Gujarat handled 748,000 twenty-foot equivalent unit (TEU) of containers in the three months under review as against 681,000 TEUs in the same timeframe last year resulting in a 10 percent growth.

In the period under review, the company's twin ports of Hazira and Dahej in Gujarat handled a cargo of 5.42 MMT registering a 22 percent growth in comparison to the same timeframe in 2014.