New Delhi: Adani Ports and Special Economic Zone (APSEZ) on Wednesday reported a 47.50% rise in its consolidated net profit to Rs 1,028.69 crore for the June quarter, helped by higher income.
APSEZ -- India's largest port developer and logistics arm of the Adani Group -- had posted a consolidated net profit of Rs 697.40 crore for the corresponding quarter of the last fiscal, the company said in a regulatory filing to the BSE.
Total income grew to Rs 3,216.92 crore during the quarter under review as against Rs 2,703.86 crore a year ago.
Total expenses, however, were flat at Rs 1,796.34 crore in April-June 2019 as against Rs 1,781.46 crore in the year-ago period.
"Cargo throughput at our ports continues to be robust. The strategy to have multi commodity ports with geographical diversity connected to major economic hinterland, ability to handle various types of cargo and forming joint ventures with ship liners has helped us to get more cargo at our ports," Karan Adani, chief executive and whole time director of APSEZ, said.
He further said that the company's focus would continue to be on optimum utilisation of facilities, providing customer centric solutions and ensuring that APSEZ continues to outperform the growth registered by all India ports.
The company, he said, will continue to adopt best practices in environment, social and governance processes.
The company said in Q1 FY20, APSEZ once again demonstrated its superior quality of delivery by handling record cargo throughput of 57 million tonne (MT) in a quarter, thus registering 18% cargo volume growth. For the first time, APSEZ handled record container volume of over 1.5 million TEU's (twenty foot equivalent unit) in a quarter, he said. The company added that its ports across regions register growth."While Mundra, the flagship port of APSEZ, grew by 16%, Hazira grew by 20%, Kattupalli by 16% and Dhamra grew by 43%. Terminals at major ports namely Tuna, Vizag, Goa and Ennore registered 35% cargo volume growth," it said.
APSEZ's 10 strategically located ports and terminals — Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai — represent 24% of the country's total port capacity, handling vast amounts of cargo from both coastal areas and the vast hinterland. The company is also developing a transhipment port at Vizhinjam, Kerala.