New Delhi: Adani Ports and Special Economic Zone Ltd (APSEZ) on Wednesday reported 36 percent rise in consolidated net profit at Rs 568 crore for the quarter ended June 30, 2014, helped by a strong cargo volume growth.
The company's net profit in the corresponding quarter of the last fiscal was Rs 417.50 crore, Adani Ports and Special Economic Zone said in a filing to the BSE.
"We had a robust quarter with growth of all major cargo categories and we continue to maintain our EBIDTA margins at a high level of 70 percent in our port business," APSEZ Chief Executive Officer Sudipta Bhattacharya said,
However, total income decreased to Rs 1,261.64 crore, over Rs 1,478.41 crore in the same period of FY'14, the filing said.
Adani Ports handled 33.83 million tonnes of cargo on consolidated basis during the quarter, up 27 percent from the corresponding quarter of last fiscal.
Consolidated cargo includes volumes from Mundra Port and its ports at Hazira and Dahej.
Adani Group Chairman Gautam Adani said, "the results are a validation of our strategy as we continue to show growth significantly faster...The acquisition of the Dharma port and the JV with CMA CGM will further augment our organic growth rates."
Total expenditure of the company declined to Rs 615.85 crore, over Rs 773.36 crore in the corresponding quarter of the previous fiscal.
The company's other income rose 88.4 percent year-on -year at Rs 168.74 crore against Rs 89.56 crore.
The company said that acquisition of Dharma port was completed in the Q1FY15 and it handled 4.20 million metric tonnes (MMT) cargo during the quarter, registering a growth of 36 percent over the corresponding period of last fiscal, adding that the capacity expansion work in already in progress.
Dahej port volumes also increased by 28 percent and Hazira port volumes increased by 85 percent on a Y-o-Y basis.
Commenting on the progress of its other projects, APSEZ said the joint venture with France's CMA CGM Group will result in an additional capacity of 1.4 million TEUs and the terminal will be operational in the next 24 months as the construction work has already started.
"This will made Mundra the country's largest container port with a total capacity of 5.5 million TEUs," the company said.
The company further said that the coal terminal at Murmugao has started full-fledged operations and the coal terminal at Vizag has started trail operations.
"The projects at Tuna Tekra Bulk Terminal at Kandla and Ennore Container Terminal are progressing well and continue to be on track," it said.
