Adani Ports Q2 Net jumps 68% at Rs 573.5 crore

Adani Ports and Special Economic Zone Ltd (APSEZ) today reported a 67.7 per cent rise in consolidated net profit at Rs 573.52 crore for quarter ended September 30, helped by strong cargo growth volume.

The company's net profit in the corresponding period of the last fiscal stood at Rs 341.83 crore, APSEZ said in a filing to the BSE.

Commenting on the result Adani Group Chairman Gautam Adani said, "The results show the continuity of our growth trajectory and as a result each of our ports showing strong performance."

APSEZ Chief Executive Officer Sudipta Bhattacharya said, "We had a robust quarter with growth on our major cargo categories and we continue to maintain our volume at high level performance in our port business. Our focus is on leveraging the benefits through our pan India presence and integrated logistics business."

The total income increased to Rs 1655.12 crore, from Rs 1149.88 crore in the same period of the previous fiscal.

Consolidated cargo handled by the company was 35.18 MMT (million metric tonnes) in Q2FY15, registering an increase of 25 per cent, over corresponding quarter last year.

Adani ports at Mundra handled 26.57 MMT cargo in Q2FY15.

The total expenditure of the company went up to Rs 837.03 crore as against Rs 576.73 crore in the corresponding period of the previous financial year.

The company further said that it has entered into a preliminary agreement with one of the parties for the development and maintenance of Liquefied Natural Gas (LNG) infrastructure facilities at Mundra (Mundra LNG Project).

"The company and the party are in the process of concluding definitive agreement for Mundra LNG Project relating to development and lease of infrastructure facilities (including lease of land)," it said.