Adani Ports and SEZ Ltd today reported a 12.52% growth in consolidated net profit at Rs 361.09 crore for the third quarter ended December 31, 2012, mainly on account of 52% jump in sales.
The Adani Group company had reported a net profit of Rs 320.90 crore in the same quarter of the previous fiscal.
In a statement, company's Chief Financial Officer B Ravi said: "To focus on the high growth in Indian ports and logistics sector and maintain its leadership position in India, the Board of Adani Ports has in-principle decided to divest its significant stake in entities controlling the Abbot Point Coal Terminal in Queensland, Australia to the Adani family."
The divestment will be subject to requisite approvals, formalities and clearances, at a valuation determined by an independent valuer, he said, adding that it will "further enhance the financial strength of Adani Ports in order to pursue its plans to acquire/set up new ports and logistics assets in India".
Adani Ports had acquired Abbot Point Coal Terminal in May, 2011 for Australian dollars 1.8 billion (about Rs 9,000 crore) in an all cash deal.
During the quarter, net sales of the company rose by over 52% to Rs 1,340.21 crore vis-a-vis Rs 881.09 crore of the October-December quarter of FY12.
Moreover, its total expenditure also increased by over 49% to Rs 639.94 crore, while its interest outgo jumped over three times to Rs 312.06 crore in the quarter.
"It is indeed a matter of pride and deep sense of satisfaction that the company has been outperforming the other ports in terms of cargo volumes and growth, efficiencies and profitability, thereby contributing to nation building," company Chairman Gautam Adani, said.
Besides, the company handled 28.32 million tonnes of cargo, a growth of 32%, at its various ports. This includes 21.38 million tonnes cargo at APSEZ's main project, the Mundra Port.
"All the other ports in Dahej, Hazira, Mundra and Abbot point are operating well and ports at Goa, Vizag, Tuna Tekra are on schedule," the company said.
According to the company, it is developing ports at Hazira, Mormugao, Visakhapatnam and Kandla in India and Dudgeon Point in Australia. By 2020, APSEZ is aiming to increase its annual cargo handling capacity to 200 million tonnes by 2020 from its present capacity of 78 million tonnes.
Shares of the company closed at Rs 137, up nearly 5% on the BSE today.
