Adani Ports gains on strong Q1 earnings

Adani Ports and Special Economic Zone (APSEZ) has rallied 5% to Rs 252 on the BSE in early morning trade after the company reported 31% year-on-year (YoY) jump in its consolidated net profit at Rs 836 crore for the quarter ended June 30, 2016 (Q1FY17). The Adani Group Company had registered a profit of Rs 639 crore in the year ago quarter.

“A healthy growth in cargo volumes, operational efficiencies and our strategy to increase bulk cargo volumes, other than coal volumes have enabled us to report all round growth in our financial numbers,” said Karan Adani, Chief Executive Officer of APSEZ.

Our bottom line growth is a result of our immense focus on controlling borrowing costs along with maintaining high EBITDA margin. Going forward, coastal shipping, commissioning of CT4, further growth in volumes at Kattupalli will be our focus areas, added Karan Adani.

The company's consolidated total income grew by 11.28% to Rs 2,084 crore for the quarter under review, up from Rs 1,872 crore in the corresponding quarter of last year.

Consolidated cargo volumes on Year on Year basis increased by 7 % from 39.61 MMT in Q1FY16 to 42.33 MMT in Q1FY17. Container volumes increased by 27 % on YoY basis, APSEZ said in a press release.

At 09:29 am, the stock was up 4% at Rs 250 on the BSE, as compared to 0.02% rise in the S&P BSE Sensex. A combined 3.4 million shares changed hands on the counter in first 14 minutes of trade on the BSE and NSE.


Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel