Adani Ports PAT for Q1FY15 Increases by 36%

By Joseph R. Fonseca
Wednesday, August 06, 2014
Adani & SEZ

 

Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, today announced financial results for the quarter ended June 30, 2014.

Consolidated cargo handled by the company was 33.83 MMT in Q1FY15, an increase of 27%, over corresponding quarter last year. Adani ports at Mundra handled 28.86 MMT cargo in Q1FY15 thereby continuing its leadership as the largest commercial port in India.

The Mundra port registered a 22% growth in Q1FY15 compared to 4% aggregate cargo growth at all major ports. Also, in case of containers, the Mundra port handled 681,000 TEUs in Q1FY15 as against 477,000 TEU’s in corresponding quarter last year resulting in a 43% growth as compared to growth of 4% aggregate growth in container volumes at all the major ports. 

The acquisition of the Dhamra port was also completed in Q1FY15 and it handled 4.20 MMT cargo during Q1FY15, a growth of 36% over the corresponding quarter last year. The capacity expansion work is already in progress.  Also, Dahej port volumes grew by 28% and the Hazira port volumes increased by 85% on a YoY basis.

Consolidated total income including other income for Q1FY15 stood at Rs.1, 430 crores.

The consolidated PAT for the current quarter increased by 36% to Rs 568 crores, as compared to Rs 418 crores in corresponding quarter last year.

In the previous year Q1FY14, container terminal (CT3) operated by APSEZ was transferred to a 50:50 JV with MSC, the world’s 2nd largest container shipping line.  Consideration received towards this is realigned to make the quarterly numbers comparable.

Consolidated total income from port related operations increased by 27% to Rs.1,430 crores in Q1FY15 as compared to Rs.1,131 crores in the corresponding quarter last year and consolidated EBIDTA increased by 39% to Rs.990 crores in the current quarter as compared to Rs.714 crores in corresponding quarter last year.

Commenting on the results, Gautam Adani, Chairman, Adani Group, said, “The results are a validation of our strategy as we continue to show growth significantly faster than the rest of the industry. The acquisition of the Dhamra port and the JV with CMA CGM will further augment our organic growth rates.”

Elaborating on the financial performance, Sudipta Bhattacharya, Chief Executive Officer of APSEZ, said, “We had a robust quarter with growth of all major cargo categories and we continue to maintain our EBIDTA margins at a high level of 70% in our port business. Our focus is on leveraging the benefits of our increasing scale and the resulting efficiencies through our pan India presence”.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

BHP Bullish on Caval Ridge's Prospects

Yesterday BHP Billiton Coal President, Dean Dalla Valle, was joined by the Hon. Tony Abbott MP, Prime Minister of Australia, and joint venture partner Mitsubishi in a ceremony to open the US$3.

Vice Presidents Rejig at Caterpillar Inc

Following the previous announcement regarding two group presidents’ retirements and new responsibilities for another group president, Caterpillar Inc. (NYSE: CAT)

Keppel Logistics Expands in Australia

Keppel Logistics Pte Ltd, a wholly owned subsidiary of Keppel Telecommunications & Transportation Ltd (Keppel T&T), has expanded its logistics capabilities down

Finance

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

No Merger of Yara & CF Industrie

Yara International ASA and CF Industries have terminated their discussions regarding a potential merger of equals transaction. "This has been a constructive process,

Hurricane Ana Heads towards Hawaii

Tropical Storm Ana strengthened into a hurricane on Friday and was moving in the direction of Hawaii but was not expected to make a direct hit on the islands, the U.

News

Autonomous Technology for Offshore Wind Farm

ASV Ltd in association with Planet Ocean Ltd, have received funding from the GROW:OffshoreWind initiative to investigate how the use of Autonomous Surface Vehicles

BHP Bullish on Caval Ridge's Prospects

Yesterday BHP Billiton Coal President, Dean Dalla Valle, was joined by the Hon. Tony Abbott MP, Prime Minister of Australia, and joint venture partner Mitsubishi in a ceremony to open the US$3.

India to Develop Iran's Chabahar Port

India will float a company to develop Iran's Chabahar Port, a government statement said on Saturday, as New Delhi aims to take advantage of a thaw in Tehran's relations with world powers.

Logistics

Keppel Logistics Expands in Australia

Keppel Logistics Pte Ltd, a wholly owned subsidiary of Keppel Telecommunications & Transportation Ltd (Keppel T&T), has expanded its logistics capabilities down

Long Beach Officials on Trade Mission in Asia

Meeting with shipping lines to build business for Port of Long Beach Long Beach Mayor Robert Garcia, Harbor Commissioners and senior Harbor Department staff

Maersk to Bump Asia-Europe Rates

Container shipping company Maersk Line, a unit of Danish conglomerate A.P. Moller-Maersk , plans to raise freight rates sharply on main routes from ports in Asia to ports in northern Europe,

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2307 sec (4 req/sec)