Adani Ports Q2 Net jumps 68%

 

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

The company reported a 67.7 per cent rise in consolidated net profit at $ 95.6 million for quarter ended September 30, helped by strong cargo growth volume.

The company’s net profit in the corresponding period of the last fiscal stood at $ 56.97 million, APSEZ said in a filing to the BSE.

Consolidated cargo handled by the company was 69.01 MMT in H1FY15, an increase of 26%, over corresponding to same period last year. Adani ports at Mundra handled 55.43 MMT cargo in H1FY15 thereby continuing its leadership as the largest commercial port in India. The Mundra port registered a 15% growth in H1FY15 compared to 4 % aggregate cargo growth at all major ports. Also, in case of containers, the Mundra port handled 1.35 million TEUs in H1FY15 as against 1.04 million TEU’s in corresponding to same period last year resulting in a 29 % growth as compared to growth of 6% aggregate growth in container volumes at all the major ports. 

Consolidated cargo handled by the company was 35.18 MMT in Q2FY15, an increase of 25%, over corresponding quarter last year. Adani ports at Mundra handled 26.57 MMT cargo in Q2FY15 thereby continuing its leadership as the largest commercial port in India. The Mundra port registered a 8% growth in Q2FY15 compared to 4% aggregate cargo growth at all major ports. Also, in case of containers, the Mundra port handled 0.67 Million TEUs in Q2FY15 as against 0.56 Million TEU’s in corresponding quarter last year resulting in a 18% growth as compared to growth of 9% aggregate growth in container volumes at all the major ports. 

These results include the result of The Dhamra Port Company Limited, which APSEZ acquired w.e.f June 23, 2014.

Commenting on the results, Gautam Adani, Chairman, Adani Group said, “The results show the continuity of our growth trajectory as a result of each of our ports showing strong performance.

Elaborating on the financial performance, Sudipta Bhattacharya, Chief Executive Officer of APSEZ, said “We had a robust quarter with growth on our major cargo categories and we continue to maintain our volume at high level performance in our port business. Our focus is on leveraging the benefits through our pan India presence and integrated logistics business.

Adani Ports awarded as “Emerging Company of the Year” by Economic Times and also awarded Private Port of the Year and Container Terminal of the Year at The Gateway Awards 2014 conducted by India’s premier magazine “Maritime Gateway”.

In the eighth edition of Superbrands, Adani Ports forms a very exclusive group of winners selected first by the consumer and then by an independent Superbrands Council comprising of most eminent professionals from India’s corporate sector.