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Adani reports 37% profit rise

Adani reports 37% profit rise
Adani Ports is developing the Vizhinjam International Deepwater Multipurpose Seaport in Kerala. Copyright© 2012 Adani Group

Indian terminal operator Adani Ports and Special Economic Zone (APSEZ) has announced that its profit before tax increased by 37% year-on-year in the third quarter of its 2016 financial year (FY) which ended on December 31, 2015.

The company reported that its consolidated profit before tax rose to 703 crore (US$103m) in the third quarter of FY 2016 from 513 crore (US$75m) in the same period of the previous year.

The operator’s profit for the nine months ended on December 31, 2015 went up by 17% year-on-year, from 1,802 crore (US$264m) to 2,112 crore (US$309m).

The company reported an 11% year-on-year rise in its total income in the third quarter ended on December 31, 2015, from 1,548 crore (US$227m) to 1,718 crore (US$252m).

The group’s total income in the nine months ended on December 31, 2015 increased by 19% year-on-year from 4,471 crore (US$655m) to 5,308 (US$788m).

Consolidated container volumes went up by 13% year-on-year to 12m tonnes in the third quarter of the company’s 2016 financial year, and by 14% year-on-year to 35m tonnes in the nine months ended on December 31, 2015.

Mr. Karan Adani, CEO of APSEZ, said in a statement: “We are focusing on improving top line and bottom line of the company by improving operational efficiency through use of technology, better cargo mix and by bringing down net finance cost.”

Adani Ports, which is developing the Vizhinjam International Deepwater Multipurpose Seaport in the Indian state of Kerala, is set to expand the existing terminal Adani International Container Terminal Private Limited (AICTPL), a 50:50 joint venture with MSC’s port arm Terminal Investment at Mundra port.

Gautam Adani, chairman of the Adani Group, said: “While we look to continue our impressive growth in ports, we would now also look to the development of industrial clusters and end-to-end logistics in a big way thereby becoming a fully integrated logistics player.”