 "Adani Ports Q1 PAT up 58%")
Billionaire Gautam Adani promoted APSEZ's standalone net profit increased to Rs 663 crore during the first quarter as compared to Rs 418 crore in corresponding quarter previous fiscal.
The company's standalone total income rose to Rs 1,804 crore for the quarter ended June 30 from Rs 811 crore in the same quarter last year, showing an increase of 122%.
The EBIDTA surged by 72% to Rs 1,069 crore compared to Rs 621 crore in the corresponding quarter in 2012-13.
On consolidated basis, the PAT for Q1 of FY14 jumped by 51% to Rs 418 crore as compared to Rs 276 crore in the corresponding quarter previous year. The total income rose by 73% to Rs 1,568 crore for first quarter against Rs 904 crore in same period last year. EBIDTA increased by 42% to Rs 943 crore compared to Rs 665 crore in the corresponding quarter previous year.
According to the company statement, Adani ports handled 23.59 million metric tonne (MMT) cargo and 0.47 million TEU’s container for Q1 FY14, an increase of 35% and 11% respectively, over corresponding quarter last year, surpassing Kandla Port to become the largest commercial port in India.
Commenting on the results, Gautam Adani, chairman, APSEZ, said, “We take pride in Mundra port emerging as the largest port, outperforming all the commercial ports, in India. Adani Ports, with its innovative practices and service standards, will continue to contribute in overall growth of Indian port infrastructure sector.”
B Ravi, chief financial officer said, "Our growth will further get impetus from the newly commercialised port at Hazira and strengthen base for long term sustainable growth and a step towards pan India presence.”
The company further said that the port at Dahej continued to perform very well, handling a cargo of 2.22 MMT in Q1 FY14, a rise of 24% as compared to 1.79 MMT in corresponding quarter last year. Also, the Hazira port handled a cargo of 0.87 MMT during the period it said, adding that progress at its other ports in Goa, Vizag, Tuna Tekra were on schedule.