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            november 19, 2019

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Indiaexportnews.com

Adani Ports' April-June profit up 47.5pc

  12.08.2019    

Adani Ports and Special Economic Zone (APSEZ), India's largest port developer and logistics arm of the Adani Group, saw consolidated net profit rise 47.5 per cent during the second quarter of the calendar year compared to the same period last year, to stand at INR10.28 billion (US$142.7 million).
The impressive growth came on the back of higher income, according to a regulatory filing to the Bombay Stock Exchange (BSE).
Total income grew to INR3,216.92 crore during the first quarter of its fiscal year 2020, up from INR2,703.86 crore the previous year, reported The Times of India.
Total expenses were flat at INR1,796.34 crore in the April-June quarter, against INR1,781.46 crore in the year-ago period.
"Cargo throughput at our ports continues to be robust. The strategy to have multi commodity ports with geographical diversity connected to major economic hinterland, ability to handle various types of cargo and forming joint ventures with ship liners has helped us to get more cargo at our ports," APSEZ chief executive Karan Adani said in a statement.
During the quarter under review, APSEZ handled record cargo throughput of 57 million tonnes, representing a year-on-year increase of 18 per cent cargo. The company also saw container throughput rise to a record 1.5 million TEU.
The company added that its ports across regions register growth. "While Mundra, the flagship port of APSEZ, grew by 16 per cent, Hazira grew by 20 per cent, Kattupalli by 16 per cent and Dhamra grew by 43 per cent. Terminals at major ports namely Tuna, Vizag, Goa and Ennore registered 35 per cent cargo volume growth," it said.
Its 10 ports and terminals - located in Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai - represent 24 per cent of India's total port capacity, handling cargo from both coastal areas and the hinterland.
Mr Adani added the company's focus would continue to be on optimum utilisation of facilities, providing customer centric solutions and ensuring that APSEZ continues to outperform the growth registered by all India ports. He said the company will continue to adopt best practices in environment, social and governance processes.



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