Adani Ports and Special Economic Zone Ltd (APSEZ) today reported a 19.51 percent jump in its consolidated profit at Rs 1,001 crore for the third quarter ended December 31, 2017.
The logistics arm of Adani Group had clocked a consolidated profit of Rs 837.58 crore in the corresponding period last fiscal, it said in a BSE filing.
“Consolidated income from operations increased by 22 per cent to Rs 2,689 crore in Q3 FY18 from Rs 2,209 crore in Q3 FY17. Consolidated operating EBITDA increased by 46 per cent to Rs 1,967 crore in Q3 FY18 from Rs 1,344 crore in Q3 FY17,” the company said in a statement.
Its consolidated expenses decreased to Rs 1,330.86 crore in the October-December quarter as against Rs 1,460.67 crore in the year-ago period.
Karan Adani, chief executive and whole-time director of APSEZ, said, “Cargo Volumes growth in Q3 FY18 rebounded after a tepid Q2 FY18. This growth was led by an all-round double digit growth in all major cargo that we handle. We foresee continued uptick in cargo volumes in India.”
Adani said while western ports in India will continue to grow, the company is confident of exponential cargo volume growth in eastern and southern coasts of India.
“We would continue to increase our footprints in the logistics space. This will further improve our port to hinterland connectivity. We would thus aim to become a truly fully integrated player providing end-to-end service to our customers. We are progressing towards achieving an operating income of Rs 10,000 crore in FY18 which will be another milestone in the history of APSEZ ltd,” he said.
About the operational highlights during the quarter, the company said, APSEZ handled Cargo of 47.61 MT with a growth of 16 percent.
While container volumes grew by 29 per cent, coal volumes rose by 13 percent and crude volumes by 10 percent, it said.
“The Larger ports continue to register growth in overall cargo volumes. Mundra, the largest port of APSEZ grew by 17 percent, Hazira grew by 9 percent and Kattupalli grew by 45 per cent. Cargo growth in Q3 FY18 was 11 percent higher than Q2FY18,” the company said.
The Adani Group is one of India’s leading business houses with aggregate revenue of over USD 12 billion.
Shares of the company closed at Rs 414.35 apiece, down 4.32 percent from the previous close on BSE.