Adani Ports Q4 profit up 41%
Adani Ports and Special Economic Zone (APSEZ), India’s largest private multi-port operator, reported a 41.45 percent surge in its consolidated net profit to INR 1,314.19 crore (USD 188.4million) for the quarter ended on March 31, 2019.
However, its revenue fell 3.15 percent to INR 31 billion, said a stock exchange annoucement. Its coal volumes rose 30 percent year-on-year during the quarter, while the cargo volume increased 19 percent.
The company also reported a record cargo throughput of 54 million metric tonnes in the three months ended March, according to the filing. Adani Ports in March had said it became the first Indian port operator to record a 200 MMT cargo movement.
The Press Trust of India quoted Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ as saying: "FY19 had been a landmark year in the history of APSEZ. We have not only exceeded our guidance of handling of 200 MT (million tonne) in FY19 but also demonstrated our capability of being resilient and grow across all segments and ports. Our strategy to tie up cargo for our terminals at major ports ensured optimum utilization of these ports."
The company expects its cargo volumes to grow 20-25 percent in the ongoing financial year, he said.
APSEZ has 10 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. These represent 24 per cent of the country's total port capacity, handling vast amounts of cargo from both coastal areas and the vast hinterland.