India’s largest port developer and the logistics arm of Adani Group APSEZ today posted a jump of 27 per cent in consolidated net profit to Rs 1,179 crore for the fourth quarter ended March, on back of higher income. Adani Ports and Special Economic Zone Limited (APSEZ) had clocked a net profit of Rs 928 crore in the corresponding quarter of FY16.
The company’s “profit after tax grew by 27 per cent from Rs 928 crore in the fourth quarter of FY16 to Rs 1,179 crore in the fourth quarter of FY17,” the company said in a statement. Its consolidated revenue from operations registered a growth of 18 per cent to Rs 2,231 crore in the quarter under review as against Rs 1,899 crore in 2015-16.
“Consolidated EBITDA increased by 32 per cent to Rs 1,638 crore in the fourth quarter of FY17 from Rs 1,238 crore in the fourth quarter of FY16,” the company said.
APSEZ handled a cargo of 43 million tonne (MT), a growth of 14 per cent year-on-year while container volumes increased by 24 per cent.
APSEZ Chief Executive Officer and whole-time director Karan Adani said, “This is one of our best all-round performances. Our strategy to diversify our cargo mix and focus on high-value cargo continues to yield positive results. FY17 volume growth was led by containers and high growth in other ports namely Hazira, Dhamra and Kattupalli. Our EBITDA margins have been improving year-on-year and this is likely to continue given our focus on operational efficiencies, technology and cost control.”
For the entire year, APSEZ’s profit after tax grew by 35 per cent to Rs 3,920 crore in FY17 from Rs 2,914 crore in FY16. Consolidated revenue from operations registered a growth of 19 per cent from Rs 7,109 crore in FY16 to Rs 8,439 crore in FY17.
The company said it handled cargo of 169 MT during the year, a growth of 11 per cent over the previous fiscal surpassing all India cargo growth of 8 per cent. “Container volumes crossed 4 million TEU’s for the first time at 4.24 million TEU’s, an increase of 27 per cent on year-on-year basis, surpassing all India container growth of 10 per cent,” it said.
The Adani Group is one of India’s leading business houses with revenue of over USD 12 billion. Shares of the company ended 2.41 per cent up at Rs 340.05 on BSE.