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”.


People & Company News

STX to Slash Jobs, Sell Yard

To stat above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

Ports

Indian Warships Visit Port Victoria

In a demonstration of India’s commitment to its ties with Seychelles and maritime security in the Indian Ocean Region, Indian Naval Ships Kolkata, Trikand and

Vitol's Malaysia Terminal Suspends Ops after Spill

VTTI, the storage unit of world's largest oil trader Vitol, has suspended operations at its terminal in southern Malaysia following an oil spill, two industry sources said on Friday.

Shenzhen Port to Adopt China ECA Regulation

China's Shenzhen port is set to to adopt requirements for ships at berth requiring to burn marine fuel with sulfur content not exceeding 0.5 percent starting October this year,

Finance

SOS from Hanjin Shipping

The creditors' extended help is crucial for survival of Hanjin Shipping Co as its negotiations with owners of chartered ships over a cut in leasing rates and to

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

Skaugen Goes to Red Again

Norwegian Marine Transportation Service Company I.M. Skaugen SE reported interim losses but cautiously positive and expecting a gradual recovery of trading opportunities

News

Coast Guard Foundation Awarded 128 Scholarships

The Coast Guard Foundation, a non-profit organization committed to the education and welfare of all Coast Guard members and their families, announced today that

Keppel to Deliver First North Sea FPSO

Keppel Offshore & Marine (Keppel O&M)'s wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading

NASA May Send Submarine to Titan

NASA has unveiled plans to send a submarine into the depths of the largest ocean of Saturn's biggest moon, Titan in a bid to explore the depths of its largest ocean.

Logistics

SOS from Hanjin Shipping

The creditors' extended help is crucial for survival of Hanjin Shipping Co as its negotiations with owners of chartered ships over a cut in leasing rates and to

How Rapid is the Fleet Growth?

During July 2016, the containership fleet reached a landmark 20 million TEU in terms of aggregate capacity, says Clarksons Research.   To many it only seems

Maersk Line's Innovative Smart Reefers

Have you heard about Maersk Line's smart reefers that can listen and talk? Cutting edge technology that reduces risk in customer supply chain, claims Maersk Line.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Winch
rss | archive | history | articles | privacy | 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: 0.1430 sec (7 req/sec)