Adani Ports & SEZ Q4 net profit at Rs 530 crore

Written by PTI | New Delhi | Updated: May 16 2014, 00:28am hrs
Adani Ports & SEZ (APSEZ), the country's largest port developer and part of Adani Group, today reported a consolidated net profit of Rs 529.80 crore for the quarter ended March 31, 2014.

The company had reported a net profit of Rs 710.31 crore for the corresponding quarter of previous fiscal, APSEZ said in a filing to the BSE.

"Results of the year or quarter are not comparable with the previous year/quarter ... as previous year's consolidated results included profit on sale of discontinued operations - Australia Abbot Point operation," the company said. "The consolidated PAT without considering Abbot Point, which had been divested last year, for the current quarter increased by 43 per cent to Rs 530 crore as compared to Rs 370 crore in same period last year," it said.

Total income of the company during the quarter stood at Rs 1,115.86 crore against a total income of Rs 1,035.51 in the year-ago period.

The company's overall expenses during the fourth quarter stood at Rs 588.29 crore as against Rs 508.02 crore in the corresponding period last year.

"It has been a proud year for us as Mundra Port is the first Indian commercial port to cross the 100 million ton mark. We expect to continue our leadership in the sector...," APSEZ Chairman Gautam Adani said. Adani Ports Mundra handled 26.39 million tonne (MT) cargo with 15 per cent growth in Q4 FY14 compared to growth of 1 per cent at all major ports, the company claimed.

In case of containers, it handled 0.71 million TEUs with 49 per cent growth. During the year Adani ports Mundra handled 101.12 MT cargo making it the largest commercial port in India.

It registered 23 per cent growth in FY2014 compared to a growth rate of 2 per cent for cargo at all major ports. In case of containers, it handled 2.39 million TEUs with 38 per cent growth as compared to de-growth by 3 per cent in container volume at all major ports, the company claimed. The consolidated net profit for 2013-14 stood at Rs 1,739.64 core against Rs 1,623.22 crore in FY13.

Consolidated total income for the year stood at Rs 4,823.99 crore against Rs 3,576.63 crore in the last year. "We had a robust year with growth on all fronts and improved margins. Our focus on integrated services, process efficiencies coupled with our customer focus will enable us to create significant value for all the stakeholders," APSEZ Chief Executive Officer Sudipta Bhattacharya said.

The company said the port at Dahej continues to perform well and handled cargo of 7.89 MT in the year.

The port at Hazira handled a cargo of 0.94 MT in Q4 FY14 and 3.73 MMT in the year FY14.

The board of directors recommended a dividend of 50 per cent, or Re 1, per equity share for FY14, it said. On the progress of projects, the company said coal terminal at Visakhapatnam port was completed eight months ahead of schedule and it marks entry of Adani Ports on the east coast of India. The coal terminal at Murmugao is also completed.

It said project execution of Tuna Tekra at Kandla is as per the schedule and the company has also signed the concession agreement with Ennore Port.

Shares of the company closed at Rs 220.35 apiece on BSE Sensex, up 1.47 per cent from previous close.