Adani Ports Posts Double Digit Profit Growth

zoom Adani Ports and Special Economic Zone Limited (APSEZ), Indias largest private port developer and part of Adani Group, recorded net profit of INR 641 crore (USD 100 million) for the quarter ended June 30, 2015, a 13% jump compared to the INR 568 crore net profit for the same period a year earlier, mainly due to a rise in cargo volumes handled. Consolidated cargo across all ports handled by the company was 40 MMT in Q1FY16, an increase of 17% over the corresponding quarter last year. In case of containers, the Mundra port handled 748,000 TEUs in Q1FY16, as against 681,000 TEUs in the corresponding quarter last year, resulting in a 10 % growth as compared to 3% aggregate growth in container volumes at all the major ports in India. Ports of Hazira and Dahej handled cargo of 5.42 MMT in Q1FY16 an increase of 22% quarter-on-quarter. Consolidated total income increased by 32% to INR 1,897 crore (USD 296m) in Q1FY16, as compared to INR 1,433 crore in the corresponding quarter last year, and consolidated EBIDTA increased by 31% to INR.1,294 crore in the current quarter as compared to INR 990 crore in corresponding quarter last year. Gautam Adani, Chairman, Adani Group, said: The Companys pan India presence continues to expand and we have received the letter of award from the Government of Kerala for the development of the strategically located Vizhinjam port. Our strong financial and operational results are a testimony of our continued focus on execution of our strategy.