Adani Ports Q3 net up 14% at Rs 512 cr

Adani Ports and Special Economic Zone today reported 13.66% jump in consolidated net profit to Rs 512 crore for third quarter ended December 31, on the higher income.

APSEZ, the country's largest port developer and part of Adani Group, had recorded net profit of Rs 450.51 crore in the October-December period of the previous fiscal.

"Consolidated total income increased by 38% to Rs 1,701 crore in Q3 FY15 as compared to Rs 1,236 crore in the corresponding quarter last year and consolidated EBIDTA (operating profit) increased by 34% to Rs 1,090 crore in the current quarter as compared to Rs 812 crore in corresponding quarter last year," the company said in a statement.

The results include those of Dhamra Port Company Ltd, which APSEZ acquired on June 23, 2014.

Adani Group Chairman Gautam Adani said: "We are pleased that our performance across all ports continues to be robust therefore reflecting the strength of our Pan India strategy".

APSEZ CEO Sudipta Bhattacharya said: "We have had another record quarter and nine months performance on all fronts of cargo, revenue and EBIDTA growth and we are further enhancing our focus on sales & operational excellence to maintain our growth momentum."

APSEZ's consolidated total income increased by 19% to Rs 4,997 crores in nine months of FY'15 as compared to Rs 4,207 crore in the corresponding period last year.

The consolidated net profit for the current nine months increased by 37% to Rs 1,654 crore, as compared to Rs 1,210 crore in corresponding period last year.

Consolidated cargo handled by the company was 108 million tonne (MT) in 9M-FY15, an increase of 29%, over corresponding to same period last year, the company said.

"Adani ports at Mundra handled 84 MT cargo in 9M-FY15 thereby continuing its leadership as the largest commercial port business in India. The Mundra port registered a 13% growth in 9M-FY15 compared to 5% aggregate cargo growth at all major ports," the company said.

Also, in case of containers, the Mundra port handled 2.02 million TEUs in 9M-FY15 as against 1.68 million TEU's in corresponding to same period last year resulting in a 20% growth as compared to growth of 8% aggregate growth in container volumes at all the major ports, it said.

Consolidated cargo handled by the company was 39 MT in Q3FY15, an increase of 33, over corresponding quarter last year. Adani ports at Mundra handled 29 MMT cargo in Q3FY15 thereby continuing its leadership as the single largest commercial port in India.

It also handled the largest ever coal vessel of 207,000 DWT at its West Basin in Mundra.

The APSEZ scrip closed at 339.85, down 1.39%, on the BSE.

Adani Group is one of India's leading business houses with revenue of over USD 9.4 billion.