APSEZ Q3 profit drops 4.3 pc to Rs 1,357 cr

Adani Ports and Special Economic Zone (APSEZ) on Tuesday posted a 4.3 per cent fall in consolidated profit to Rs 1,356.59 crore for the December 2019 quarter, on the back of higher expenses.

The company had posted a consolidated profit of Rs 1,418.96 crore in the year-ago period, APSEZ said in a filing to the BSE.

The profit is "after tax and before the share of profit from joint ventures", according to the filing.

However, the firm's consolidated total income during the October-December 2019 period increased to Rs 3,830.43 crore, compared with Rs 3,168.88 crore in the year-ago period, it said.

Its consolidated expenses rose to Rs 2,091.40 crore, against Rs 1,347.97 crore a year ago.

 

In a statement, the company said, "PBT (was) at Rs 1,739 crore and PAT (profit after tax) at Rs 1,384 crore."

APSEZ Chief Executive Officer and Whole-Time Director Karan Adani said, "KPCL is a crown jewel to join APSEZ's string of 10 networked ports. This acquisition would accelerate our stride towards FY25 vision of handling 400 MMT (million metric tonnes) of cargo. Given the best-in-class infrastructure and the distinct hinterland catered by KPCL, this acquisition will add remarkable value to our pan-India footprint."

He added that APSEZ with its pan-India presence has been "continuously outperforming Indian cargo volume growth".

"Our focus on diversifying cargo mix continues. Gas (liquefied natural gas and liquefied petroleum gas) (was) the newest commodity added this quarter to the cargo basket. In FY20, we expect to achieve cargo volume of 224-226 MMT, revenue growth of around 13 per cent and EBITDA (earnings before interest, tax, depreciation and amortisation) growth of around 14 per cent," Adani said.

Efficient use of water and energy from cleaner sources, reduction of emission levels and zero tolerance for fatalities at its ports continue to be the company's top priorities, he said.

The company further said the ports across all the three regions -- eastern, southern and western -- registered strong growth.

Dhamra Port, the eastern port of APSEZ, registered a growth of 44 per cent, Kattupalli, the southern port, registered a growth of 23 per cent. Western ports of Hazira and Mundra registered a growth of 9 per cent and 3 per cent, respectively.