Adani Ports & SEZ Q2 consolidated profit up 32% to Rs 1,394 crore

Adani Ports and Special Economic Zone (APSEZ) on Tuesday reported a 31.57 per cent increase in its consolidated profit to Rs 1,393.69 crore for the second quarter ended on September 30, 2020.

The country’s largest integrated logistics player had clocked a consolidated net profit of Rs 1,059.20 crore in the corresponding period a year earlier, the company said in a BSE filing. 

Its total consolidated income rose to Rs 3,423.16 crore for the second quarter, as against Rs 3,326.90 crore in the year-ago period. 

The company’s total expenses during the quarter under review declined to Rs 1,622.78 crore, compared to Rs 2,440.56 crore in the year-ago period. 

Karan Adani, CEO and Whole Time Director of APSEZ said, “APSEZ has proven the utility nature of its portfolio of assets by increasing the market share in India to 24 per cent in overall cargo. With economy reopening in stages, APSEZ has returned to growth trajectory registering a cargo volume growth of 36 per cent on a Q-o-Q basis. Port Ebitda improves to 71 per cent on account of continuous focus on operational efficiency.

”Adani said APSEZ is well on course to achieve 500 million tonne (MT) of cargo throughput by FY25. We expect cargo volume in full year FY21 to be in the range of 245 to 250 MMT, including KPCL, which we acquired in October‘20,” he said.