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Adani Group reports 25% increase in annual profit

Adani Group reports 25% increase in annual profit

The Indian terminal operator, Adani Ports and Special Economic Zone (APSEZ), has reported that its profit before tax increased by 25% in the 2014/2015 fiscal  year, which ended on March 31.

Consolidated profit before tax rose from 2,000 crore (US$315m) to 2,500 crore (US$394m) for the Ahmedabad-based group.

Consolidated cargo volume increased by 28% from 113 million tonnes to 144 million tonnes.

Of this, 111 million tonnes were handled at Mundra, the group’s flagship port, which registered a 10% increase. Measured another way, Mundra’s throughput increased by 14% to 2.7m teu.

The group’s chairman Gautam Adani said: “As the opportunities in the Indian port sector rapidly multiply in the days to come, we believe we are well positioned to capture the growth.”

The group’s CEO Sudipta Bhattacharya added: “This year we also completed the Dharma port acquisition, commercialised the Tuna port in record time and signed a 50:50 joint venture with CMA Terminals to build a brand new container terminal at Mundra”.

As well as Mundra, the group operates the ports of Hazira and Dahej and terminals at Mumugao, Vizag and Kandala.

It is also the sole bidder to operate the US$950m Vizhinjam International Seaport in the Southern state of Kerala.