Adani Ports Q2 net profit falls 30.51 pc to Rs 968.34 crore

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Updated: October 27, 2021 6:05 PM

According to Adani, APSEZ is progressing towards its target of carbon-neutrality by 2025, with a focus on the use of renewable energy, and carbon offsetting through mangrove afforestation and terrestrial plantation.

Its total consolidated income increased to Rs 4,066.78 crore for the second quarter, against Rs 3,423.16 crore in the year-ago period.Its total consolidated income increased to Rs 4,066.78 crore for the second quarter, against Rs 3,423.16 crore in the year-ago period.

Adani Ports and Special Economic Zone Limited (APSEZ) on Wednesday reported a 30.51 per cent decline in its consolidated net profit to Rs 968.34 crore for the second quarter ended in September due to a rise in its expenses.

The country’s largest integrated logistics player had clocked a consolidated net profit of Rs 1,393.69 crore in the same period a year earlier, the company said in a BSE filing.

Its total consolidated income increased to Rs 4,066.78 crore for the second quarter, against Rs 3,423.16 crore in the year-ago period. The company’s total expenses during the quarter under review increased to Rs 2,509.81 crore from Rs 1,622.78 crore a year ago.

Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, “APSEZ has delivered a strong first half, which is a testimony to our growth story.” Adani added, “Our strategy of geographic expansion with a focus on higher-growth regions, balancing cargo mix, expansion in the logistics business, particularly rail transportation, and foray into grade-A warehousing segment reflects our move towards a ‘Transport Utility’ business model and is resulting in a continuous increase in our market share.” He also said that the company’s acquisitions of Sarguja rail, Dighi port, and Gangavaram port, alongside the foray into Sri Lanka with a greenfield port in Colombo, all during H1 / 2021, are steps in that direction.

“We are on track to achieve our volume target for FY 21-22 which will be a milestone year for APSEZ,” Adani said.

According to Adani, APSEZ is progressing towards its target of carbon-neutrality by 2025, with a focus on the use of renewable energy, and carbon offsetting through mangrove afforestation and terrestrial plantation.

The company in a statement said Adani Ports handled 144 million metric tonnes (MMT) of cargo in H1 / FY22 compared to 98 MMT in H1 / FY21, registering a growth of 47 per cent compared to 16 per cent growth registered at all India levels.

It further said apart from Mundra; Dhamra, Hazira & Dahej ports also registered double digit growth.

“APSEZ registered a y-o-y growth of 42 per cent as against 30 per cent at all India levels, thereby increasing market share to 42.5 per cent,” the statement added.

APSEZ said Mundra continues to be the largest container handling port with 3.2 Mn TEUs.

APSEZ, a part of Adani Group is the largest port developer and operator in India with 12 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 and Krishnapatnam in Andhra Pradesh that represent 24 per cent of the country’s total port capacity.

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