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Adani Ports and SEZ Ltd (APSEZ) posted a 19% drop in its profit after tax (PAT) for the second quarter of the fiscal 2013-14 to Rs 347.62 crore on a standalone basis mainly on the back of increased operating expenses and forex losses. The total income for the quarter stood at Rs 877.79 crore, up 15% from Rs 764.27 crore in the corresponding period last fiscal.
For the half year ended September 30, 2013 APSEZ's total income increased by 67% to Rs 2595.58 crore, while its PAT grew from Rs 847.98 crore to Rs 1010.77 crore, up 19%.
However, on a consolidated basis, APSEZ has posted a 24% rise in profit after tax (PAT) for the second quarter of the fiscal to Rs 342 crore as against Rs 276 crore in the corresponding quarter last fiscal. Total income for the quarter grew by 55% to Rs 1149 crore against Rs 740 crore in the year before period.
Consolidated total income for the first half of the fiscal ending September 30 stood at Rs 2628 crore, up 62%. Profit after tax for the half year period increased by 38% to Rs 759 crore.
Company's Q2 expenditure at Rs 576.73 crore amounted to 55.14% of its net sales. Besides, its other income also increased by many folds to Rs 257.31 crore. However, the company also reported over seven times rise in its finance outgo to Rs 411.66 crore, compared to the levels of Rs 57.47 crore of Q2 of last fiscal.
In a separate statement, Adani Ports said that its flagship Mundra port continues to be number one domestic commercial port and recorded 21% growth in cargo handling (at 24.62 million tonnes) in the last quarter.
Moreover, its consolidated cargo handling increased by 30% to 28.08 MT in the last quarter.
Adani Group Chairman Gautam Adani said: "With Mundra Port firmly established as No 1 port of the country, we have continued our endeavour to maintain leadership position not only in volume and margin growth but also in implementing best practices... Our thrust is to create value for all our stakeholders on multi dimension."
Adani Ports Chief Financial Officer B Ravi said: "We have grown at a stupendous rate quarter on quarter. Our continuous focus has been to increase efficiency by optimising and improving the operations at our ports and the growth is a result of such focused effort."
During the quarter, the company created a domestic record in coal handling in a day by discharging of over 1.51 lakh tonne on September 10. Besides, it also surpassed Paradip Port in terms of coal volume in six months by handling 17.87 MT in the first half of current fiscal, the company said.
Cargo traffic at its ports at Dahej and Hazira stood at 2.48 MT and 0.98 MT during the last quarter.
The company's shares fell 6.63% in day's trade to end at Rs 144.35 on the Bombay Stock Exchange (BSE).
