Adani Ports & SEZ Q2 consolidated profit up 32% to Rs 1,394 cr

By: |
November 3, 2020 5:44 PM

Its total consolidated income increased to Rs 3,423.16 crore for the second quarter, as against Rs 3,326.90 crore in the year-ago period. The company's total expenses during the quarter under review declined to Rs 1,622.78 crore, compared to Rs 2,440.56 crore in the year-ago period.

The e-auction witnessed strong competition amongst the bidders with the mine attracting good premium over the floor price, it said.The e-auction witnessed strong competition amongst the bidders with the mine attracting good premium over the floor price, it said.

Adani Ports and Special Economic Zone Limited (APSEZ) on Tuesday reported a 31.57 per cent increase in its consolidated profit to Rs 1,393.69 crore for the second quarter ended on September 30, 2020. The country’s largest integrated logistics player had clocked a consolidated net profit of Rs 1,059.20 crore in the corresponding period a year earlier, the company said in a BSE filing.

Its total consolidated income increased to Rs 3,423.16 crore for the second quarter, as against Rs 3,326.90 crore in the year-ago period. The company’s total expenses during the quarter under review declined to Rs 1,622.78 crore, compared to Rs 2,440.56 crore in the year-ago period.

Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, “APSEZ has proven the utility nature of its portfolio of assets by increasing the market share in India to 24 per cent in overall cargo. With economy reopening in stages, APSEZ has returned to growth trajectory registering a cargo volume growth of 36 per cent on a Q-o-Q basis. Port EBIDTA improves to 71 per cent on account of continuous focus on operational efficiency.”

“Our focus continues to be on preserving cash and ensuring adequate liquidity. We continue to increase our free cash generation, in H1 FY21 cash flow from operations after adjusting for working capital changes, capex and net interest cost, stands at Rs 2,884 cr.”

Adani said APSEZ is well on course to achieve 500 million tonne (MT) of cargo throughput by FY2025.

“We expect cargo volume in full year FY21 to be in the range of 245 to 250 MMT including KPCL, which we acquired in October20, he said.

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.

The company is also developing a transhipment port at Vizhinjam, Kerala and a container Terminal at Myanmar.

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