Adani Ports profit up 16%

 

Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and part of Adani Group, today announced a 16 per cent increase in its consolidated net profit to Rs. 667 crore for the second quarter on increased income from operations.

“Consolidated PAT for Q2FY16 increased by 16 per cent to Rs. 667 crores as against Rs. 574 crores in Q2 FY15,” APSEZ spokesman said. It had reported net profit of Rs. 573.52 crore for the second quarter, July-September, of the 2014-15 fiscal.

Consolidated cargo across all ports handled by the company was 76 MMT in H1FY16, an increase of 10%, over corresponding period last year. Adani ports at Mundra handled 57 MMT cargo in H1FY16 thereby continuing its leadership as the largest commercial port in India. In case of containers, the Mundra port handled 1.48 million TEUs in H1FY16 as against 1.35 million TEU’s in corresponding period last year resulting in a 10 % growth as compared to growth of 2% aggregate growth in container volumes at all the major ports. 

Consolidated cargo handled by the company was 36 MMT in Q2FY16, an increase of 4%, over corresponding period last year. Also, in case of containers, the Mundra port handled 0.73 million TEUs in Q2FY16 as against 0.67 million TEU’s in corresponding period last year showing a 9% growth.

Our twin ports of Hazira and Dahej handled cargo of 9.88 MMT in H1FY16 thereby showing a growth of 8%.

Consolidated total income including other income increased by 18% to Rs.3,883 crores in H1FY16 as compared to Rs.3,301 crores in the corresponding period last year and consolidated EBIDTA increased by 17% to Rs.2,643 crores in the current half year as compared to Rs.2,251 crores in corresponding period last year.

Consolidated total income increased by 6 % to Rs.1,986 crores in Q2FY16 as compared to Rs.1,868 crores in the corresponding period last year and consolidated EBIDTA increased by 7% to Rs. 1,349 crores in the current quarter as compared to Rs. 1,261 crores in corresponding period last year.

The consolidated PAT for H1FY16 increased by 15% to Rs 1,308 crores, as compared to Rs 1,142 crores in corresponding period last year and in Q2FY16 increased by 16% to Rs 667 crores, as compared to Rs 574 crores in corresponding period last year.

Commenting on the results, Mr. Gautam Adani, Chairman, Adani Group said “Our strategic intent is to continue to develop the port infrastructure along the Indian coastline and thereby benefit from the synergies this network brings to APSEZ. We are pleased to have added to our portfolio and signed the concession agreement for the development of the Vizhinjam International Deepwater Seaport with the Government of Kerala. This will give us access to the significant volume of global container traffic that goes past this region”.
 
 Elaborating on the performance, Mr. Sudipta Bhattacharya, Chief Executive Officer of APSEZ, said “We continue to improve our mix of cargo across our ports. As we build out our pan India presence, we are also seeing the specific benefits of an increasingly diversified cargo mix that our ports are already handling. This positions us well to continue to capture market share across all types of cargo that are expected to grow as the Indian economy continues to expand”.
 
Progress on Other Projects:
Adani Ports signed the concession agreement on August 17th, 2015 with Kerala State Government for development and operation/maintenance of the Vizhinjam International Deepwater Multipurpose Seaport Project on PPP mode on DBFOT basis.

Adani Ports entered into a non-binding MOU with LTSB for operations of the port at Kattupalli, Tamil Nadu.

Mundra Solar Techno Park Pvt Ltd has got letter of approval from the Ministry of Commerce & Industry for developing Electronic Manufacturing Cluster (EMC) as a SEZ Co-developer.
 
Adani Food & Agro Processing Park Pvt Ltd has got letter of approval from the Ministry of Commerce & Industry for developing Mega Food Park as a SEZ Co-developer.