Adani Ports PAT for Q1FY15 Increases by 36%
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”.