Adani Ports Q2 net profit up by 16 percent

Adani Ports and Special Economic Zone (APSEZ) on Monday posted an increase of 16 percent in its net consolidated profit at Rs. 667 crore for the quarter ended September 30 this year as against Rs.574 crore in the same period last year.

In a statement, the company said its consolidated total income increased by six percent at Rs. 1,986 crores in the months under review as compared to Rs.1,868 crore in the corresponding period last year.

The consolidated EBIDTA also increased by seven percent at Rs.1,349 crore in the July-September timeframe as compared to Rs 1,261 crore in same period last year.

"Our strategic intent is to continue to develop the port infrastructure along the Indian coastline and thereby benefit from the synergies this network brings to APSEZ," said company chairman Gautam Adani.

"We are pleased to have added to our portfolio and signed the concession agreement for the development of the Vizhinjam International Deepwater Seaport with the government of Kerala. This will give us access to the significant volume of global container traffic that goes past this region."

The firm has signed a concession agreement in August this year with the Kerala government for development and operation of the Rs.4,089 crore Vizhinjam International Deepwater Multipurpose Seaport Project on PPP mode on DBFOT basis. Also, it entered into a non-binding agreement with LTSB for operations of the port at Kattupalli in Tamil Nadu.

The consolidated cargo handled by the firm increased by four percent at 36 million tonne (mt) besides registering a nine percent growth in container handling at 0.73 TEUs.