India's Adani Ports Q2 Profit Jumps as Cargo Volumes Surge
Adani Ports and Special Economic Zone, India's largest private operator of ports, reported a 69% surge in quarterly profit on Tuesday, driven by strong cargo volumes.
The company's consolidated profit for the quarter-ended Sept. 30 rose to 16.77 billion Indian rupees ($203 million). It had reported a profit of 9.95 bln rupees a year ago. Revenue from operations surged 33% to 52.11 billion rupees from a year ago. Adani Ports is part of the cooking oil-to-coal mining conglomerate Adani Group, which is run by Asia's richest person Gautam Adani.
The company achieved 200 million metric tonnes (MMT) of cargo through-put within seven months, said Karan Adani, chief executive officer of Adani Ports and Special Economic Zone.
Adani Ports' portfolio now includes 12 ports across the country with the acquisition of Gangavaram Port in the southern Indian state of Andhra Pradesh.
The company said it was on track to achieve its full-year guidance of 350-360 MMT cargo volumes and earnings before interest, taxes, depreciation of 122 billion rupees to 126 billion rupees. ($1 = 82.6470 Indian rupees)
(Reporting by Nallur Sethuraman in Bengaluru; Editing by Saumyadeb Chakrabarty)