Adani Ports Q2 net jumps 57%

Company records 15 per cent growth in cargo volumes at Mundra Port

Adani Ports and Special Economic Zone Ltd (APSEZ) has registered standalone net profit of Rs 429.56 crore for the quarter ended September 30, 2012 as compared to Rs 273.42 crore for the quarter ended September 30, 2011. This shows a growth of over 57 per cent on year-on-year basis.

Company's total income increased from Rs 631.83 crore for the quarter ended September 30, 2011 to Rs 794.84 crore for the quarter ended September 30, 2012, APSEZ informed in a statement filed with the Bombay Stock Exchange (BSE) on Friday.

On consolidated basis, APSEZ's net profit stood at Rs 275.56 crore for the quarter ended September 30, 2012 as compared to Rs 286.61 crore in the same period last year. Total income was recorded at Rs 1093.46 crore for the quarter ended September 30, 2012 from Rs 903.33 crore in the corresponding quarter last year. For the half-year ended September 30, 2012, APSEZ posted note profit of Rs 848 crore up from Rs 527.7 crore in the same period last year, indicating a growth of over 60 per cent on year-on-year basis. Company's income rose from Rs 1149 crore to Rs 1553 crore for the quarter under consideration.

Cargo handling at Mundra port of the company was 20.43 million tonnes with 15 per cent growth in second quarter of this fiscal, while its container volume stood at 0.42 million twenty-feet equivalent units (TEUs), showing 16 per cent growth.

It may be noted that the company was in the news recently for Central government's withdrawal of the approval to the company's 1,840 hectare SEZ in Mundra for alleged violation of rules.