Adani Ports and Special Economic Zone net profit dips 14 per cent in Q1
By IANS | Published: 13th August 2017 12:54 AM |
AHMEDABAD: Adani Ports and Special Economic Zone (APSEZ) on Saturday reported a consolidated net profit of Rs 710 crore for the first quarter of 2017-18, registering 14 per cent decline from Rs 823 crore in the same period year ago.
In a regulatory filing on the BSE, the port developer and logistics arm of the $12 billion Adani group said consolidated revenue from operations for the quarter under review shot up 50 per cent to Rs 2,745 crore from Rs 1,827 crore in the like period year ago.
Sequentially, net profit in Q1 was 39 per cent lower than Rs 1,164 crore last quarter while revenue was up 23 per cent from Rs 2,232 crore last quarter.
Ebitda (earnings before interest, tax, depreciation and amortization) increased 37 per cent to Rs 1,598 crore for Q1 from Rs 1,170 crore in same quarter year ago.
"The net profit is lower due to higher tax incidence at Mundra, which is now out of tax holiday period. From a tax cash flow angle, however, there is no change (impact) as MAT (Minimum Alternate Tax) credit of earlier years is available up to Rs 2,700 crore," said the company in the filing.
APSEZ handled 50 tonne of cargo, including 6 tonne by its Australian arm Abbot Point Operations Ltd.
In line with strategy to diversify cargo mix, container volumes grew 21 per cent and other bulk cargo grew 12 per cent in the quarter. Container volumes at Mundra grew 20 per cent, Hazira 25 per cent and Kattupalli port near Chennai grew 31 per cent.
Container shipping liners have started three new services at Mundra and two at Hazira in Q1, while the joint venture with France's CMA-CGM commenced operations at Mundra.
Adani Logistics commissioned multimodal logistic park at Kila Raipur in Punjab.
"Operations in our port and logistic business continue to be robust. With string of ports across the country providing multi-point access to the hinterland, we expect cargo volumes to grow as per our guidance for this fiscal (FY2018)," said Chief Executive Karan Adani in a statement.