Adani Ports Q3 net up 42% to Rs 1,419 cr on double-digit cargo growth

India's largest port developer and logistics arm of the Adani Group, APSEZ, on Wednesday reported a 41.75 per cent surge in its consolidated net profit to Rs 1,418.93 crore for the quarter ended December 31, 2018. 

Adani Ports and Special Economic Zone Limited (APSEZ) had clocked a consolidated net profit of Rs 1,001 crore for the third quarter in the last fiscal, the company said in a regulatory filing. 

The total income of the company grew to Rs 3,168.88 crore during the quarter under review as against Rs 2,924.85 crore a year-ago.

Its consolidated total expenses increased to Rs 1,347.97 crore in the October-December quarter as against Rs 1,330.86 crore in the year-ago period.

Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, "all types of cargo namely coal, container, crude and other bulk have shown double digit growth in nine month period (April-December) FY19. We will continue our strategy to diversify cargo mix and continuously add economic hinterland reach." 

He said the trend registered in the quarter is likely to continue and the company is set to exceed its earlier guided cargo volume of 200 million tonne in the current fiscal. 

About the operational highlights during the quarter, the company said its cargo volume grew by 12 per cent. 

Ports across all regions reported strong growth, it said adding while Mundra the flagship port of APSEZ grew by 6 per cent, Hazira and Dahej grew by 15 per cent and 20 per cent respectively. The Eastern port of Dhamra registered a growth of 9 per cent.

It said commercial operations at Ennore port (Chennai) has commenced and it handled 24,000 TEUs (twenty foot equivalent unit) in the quarter.

All segments of cargo registered significant growth, the company said and added while coal grew by 11 per cent, container grew by 9 per cent. Bulk cargo other than coal also registered a growth of 10 per cent.

APSEZ, said its 10 strategically located ports and terminals Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai represent 24 per cent of the country's total port capacity.

The company is also developing a transhipment port at Vizhinjam, Kerala. 

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