Adani Group firm Mundra Port and SEZ Ltd today reported a growth of over 29% in net profit to Rs 273 crore for the quarter ended September 30, 2011, on the back of increased revenues from operations.
The company had reported a net profit of Rs 211.67 crore for the corresponding quarter last fiscal.
Net sales of the company stood at Rs 587.76 crore during the second quarter, a rise of over 44% from Rs 407.60 crore in the July-September period of FY'11, it said in a filing to the BSE.
However, the company's operating costs rose by over 49% during the quarter to Rs 149.65 crore, the filing said.
It added that the company took a hit of Rs 46.44 crore on net finance costs in Q2 as the company experienced several gains and losses on derivative contracts in the capital market during the period.
The filing also stated that the company has filed a public interest litigation (PIL) against the levy of minimum alternate tax (MAT) on special economic zone (SEZ) developers.
In this year's Budget, the government had announced that it will levy MAT on SEZ developers.
The company filing said it has made provisions in its balance sheet for Rs 55.07 crore toward credit on Minimum Alternate Tax (MAT) under different sections of the Income Tax Act, 1961.
Shares of the company were trading at Rs 152 apiece on the BSE at 1430 hours, down 4.16% from their previous close.
