Adani Ports and Special Economic Zone Ltd (APSEZ) on Monday reported a 16% increase in its consolidated net profit to Rs 667 crore for the September quarter on increased income from operations.
"Consolidated PAT for Q2 FY16 increased by 16% to Rs 667 crore as against Rs 574 crore in Q2 FY15," APSEZ, country's largest port developer and part of Adani Group said.
The company had reported a net profit of Rs 573.52 crore for the second quarter, July-September, of the 2014-15 fiscal.
"Consolidated total income increased by 6% to Rs 1,986 crore in Q2 FY16 as compared to Rs 1,868 crore in the corresponding period last year and consolidated EBIDTA increased by 7% to Rs 1,349 crore in the current quarter as compared to Rs 1,261 crore in corresponding period last year," the company said.
Its total expenses during the quarter under review rose to Rs 912.84 crore from Rs 840.11 crore in a year-ago period.
Adani Group chairman Gautam Adani said: "Our strategic intent is to continue to develop the port infrastructure along the Indian coastline and thereby benefit from the synergies this network brings to APSEZ.
"We are pleased to have added to our portfolio and signed the concession agreement for the development of the Vizhinjam International Deepwater Seaport with the Government of Kerala.
This will give us access to the significant volume of global container traffic that goes past this region." Adani Ports has signed the concession agreement on August 17, 2015 with Kerala Government for development and operation of the Rs 4,089-crore Vizhinjam International Deepwater Multipurpose Seaport Project on PPP mode on DBFOT basis.
The company said consolidated cargo handled by it was 36 million tonne (MT) in Q2 FY16, an increase of 4%, over corresponding period last year.
Also, in case of containers, the Mundra port handled 0.73 million TEUs in Q2 FY16 as against 0.67 million TEUs in corresponding period last year showing a 9% growth.
APSEZ CEO Sudipta Bhattacharya said: "We continue to improve our mix of cargo across our ports. As we build out our pan India presence, we are also seeing the specific benefits of an increasingly diversified cargo mix that our ports are already handling. This positions us well to continue to capture market share across all types of cargo that are expected to grow as the Indian economy continues to expand." Apart from inking a pact with Kerala government for developing Vizhinjam project, Adani Ports entered into a non-binding MOU with LTSB for operations of the port at Kattupalli, Tamil Nadu.
It said Mundra Solar Techno Park Pvt Ltd has got letter of approval from the Ministry of Commerce & Industry for developing Electronic Manufacturing Cluster (EMC) as a SEZ Codeveloper.
