Free Press Journal

Adani Ports Q4 net at Rs 927 cr dips 21% on more tax outgo

FOLLOW US:

Mumbai: Adani Ports and Special Economic Zone (APSEZ) on Thursday reported 20.5 per cent fall in consolidated net profit at Rs 926.77 crore for the fourth quarter ending March mainly on account of higher tax incidence.

The Gautam Adani-led company, which is undertaking a major coal ‘pit-to-port’ integrated project including a rail link at Abbot Point in Australia, posted a profit after tax (PAT) of Rs 1,166.91 crore in the same quarter of the last fiscal, it said in stock exchange filing.

Revenue from operations during the quarter in consideration at Rs 3,183 crore was up 43 per cent as compared to the Rs 2,231 crore revenue last year.


Profit during the fourth quarter was impacted by the higher tax incidence of Rs 396 crore as compared to Rs 12 crore on the same account in the corresponding quarter of last year.

The higher figure for the quarter was owing to the end of the tax holiday period for the Mundra port in Gujarat.

For the entire fiscal 2017-18, although Adani Ports posted higher revenue from operations at Rs 11,323 crore as compared to Rs Rs 8,439 crore in the previous fiscal, PAT at Rs 3,690 crore came in over 5 per cent lower than Rs 3,892 crore during 2016-17.

The company’s earnings per share (EPS) for the quarter in question came in lower at Rs 4.48 as against Rs 5.63 earned in the January-March quarter a year ago.

The Adani Ports’ stock closed on Thursday at Rs 396.80 a share, down Rs 3.10 or by 0.78 per cent on its previous close on the Bombay Stock Exchange.