Adani Ports Profit Up
Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest port developer and part of Adani Group, has announced the financial results for the fourth quarter and year ended March 31, 2016.
Consolidated cargo across all ports handled by the company was 152 MMT in FY16, an increase of 5 percent, over corresponding period last year, including 3.35 million TEUs, up 17 percent from 2.87 million TEUs last year. Consolidated cargo for Q4FY16 stood at 37 MMT thereby continuing its leadership as the single largest commercial port in India.
Consolidated total income increased by 16 percent to Rs. 7,941 crore in FY16 as compared to Rs. 6,838 crore in the corresponding period last year and consolidated EBIDTA increased by 19 percent to Rs. 4,651 crore in the current year as compared to Rs. 3,902 crore in corresponding period last year.
The consolidated PAT for the current year increased by 24 percent to Rs. 2,867 crore as compared to Rs. 2,314 crore in corresponding period last year.
“Our strategy continues to bear fruit, with total operating income for the first time exceeding the US$ 1 billion mark. With an expanded footprint at 10 locations along the Indian coastline, we aim to continue to drive growth within our ports business, as well as look to the further development of industrial clusters and full-service logistics, with the ultimate goal of building a fully integrated logistics player of significant scale,” said Gautam Adani, Chairman, Adani Group.
“I am extremely proud of our progress over this past year. We’ve delivered, yet again, an outstanding financial performance and operationally we’ve increased both total cargo throughput and container handling. We will continue to look at improving our financial margins and operational efficiency, through a combination of enhanced use of technology, optimizing our cargo mix and reducing our net finance cost," said Karan Adani, CEO, APSEZ.
Our guidance for the next year, cargo volumes likely to see 10 to 15 percent growth and corresponding 10 to 15 percent growth in profit after tax. With our expansion in capacity, we are well-positioned to capitalize on the growth in domestic Imports, Exports and the increased need for logistics infrastructure in India,” he added.
Consolidated total income increased by 18 percent to Rs.2,162 crore in Q4FY16 as compared to Rs. 1,832 crore in the corresponding quarter last year and consolidated EBIDTA, excluding other income, rose by 12 percent to Rs 1,225 crore in the current quarter as compared to Rs. 1,096 crore in corresponding quarter last year.
