India's Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest port developer and the logistics arm of $12 billion Adani Group, saw a 13.65% fall in net profit at INR 710.25 crore (USD 111 million) for the first quarter ended June on account of higher tax.
According to PTI report, APSEZ's consolidated revenue from operations for the quarter under review shot up 50 per cent to Rs 2,745 crore from Rs 1,827 crore in the like period year ago.
Sequentially, net profit in Q1 was 39 per cent lower than Rs 1,164 crore last quarter while revenue was up 23 per cent from Rs 2,232 crore last quarter.
APSEZ handled 50 tonne of cargo, including 6 tonne by its Australian arm Abbot Point Operations Ltd.
The report quoted APSEZ chief executive officer and whole-time director Karan Adani saying
that the operations in his port and logistic business continues to be robust.
With the string of ports across India providing multi point access to India’s hinterland, he expects the cargo volumes to grow as per the company's earlier guidance in FY18. Mundra port is on the verge of becoming the largest container handling port in India, he added.