Adani Port Q1 net up 13% at Rs 641 cr

Adani Ports and Special Economic Zone Limited (APSEZ), India's largest port developer, today reported a 12.85 per cent increase in consolidated net profit to Rs 641 crore during the April-June quarter on the back of higher income.
The Adani Group company had posted a net profit of Rs 568 crore for the corresponding quarter last year.
Its net sales jumped by about 40 per cent to Rs 1,723 crore during the first quarter as against Rs 1,232 crore in the corresponding quarter of the previous fiscal.
Total expenses stood at Rs 864 crore during the quarter under review. It was Rs 619 crore in the year ago period.

"Consolidated cargo across all ports handled by the company was 40 million tonnes in Q1FY16, an increase of 17 per cent, over the corresponding quarter last year," the company said in a statement.
In case of containers, the Mundra Port handled 7,48,000 TEUs in Q1FY16 as against 6,81,000 TEUs last year, resulting in a 10 per cent growth compared with 3 per cent aggregate growth in container volumes at all the major ports.

The company's twin ports of Hazira and Dahej handled cargo of 5.42 million tonnes (MT) in Q1FY16 showing a growth of 22 per cent, it said.
Gautam Adani, Chairman of Adani Group said: "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. Our strong financial and operational results are a testimony of our continued focus on execution of our strategy".

Elaborating on the performance, Sudipta Bhattacharya Chief Executive Officer of APSEZ, said: "Despite the increasingly large baseline of cargo volume, we continued to demonstrate strong growth as a result of our ability to capture market share through broadening of our network of ports and logistics capabilities".
The group had recently announced the demerger of the group and moved away from its present 'holding company' structure and instead has four independently listed entities for the four major business segments.
Adani Enterprises has demerged its ports, power and transmission businesses in Adani Ports and Special Economic Zone, Adani Power and Adani Transmission, respectively.

The company said it entered into a preliminary pact with a party for development and maintenance of LNG infrastructure facilities at Mundra in September 2014.