Adani Ports second quarter net jumps 57%

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% 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% on year-on-year basis. Company's income rose from Rs 1149 crore to Rs 1553 crore for the quarter under consideration.

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.

APSEZ shares traded down by 0.52% at Rs 123.55 on BSE after the announcement of the company's quarterly financial results.