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Adani Ports Q3 net rises 18% to Rs 994 crore

MUMBAI: Adani Ports and SEZ Thursday said its third quarter ..

MUMBAI: Adani Ports and SEZ Thursday said its third quarter net profit rose 18% to Rs 994 crore. The company's consolidated income from operations increased by 22 per cent to Rs 2,689 crore in the October-December quarter from from Rs 2,209 crore a year earlier.

During the quarter, it handled cargo of 47.61 million tons, a growth of 16 per cent on year. While container volumes grew by 29per cent, coal volumes grew by 13 per cent and crude volumes grew by 10 per cent, it said.

"The larger ports continue to register growth in overall cargo volumes. Mundra, the largest port of APSEZ grew by 17 per cent, Hazira grew by 9 per cent and Kattupalli grew by 45 per cent," it said in a statement

On year cargo growth in the third quarter was 11 per cent higher than in the previous quarter compared to the same period last year.

"Cargo Volumes growth in Q3FY18 rebounded after a tepid Q2FY18. This growth was led by all round double digit growth in all major cargo that we handle. We foresee continued uptick in cargo volumes in India. While western ports in India will continue to grow we are confident of exponential cargo volume growth in the eastern and southern coasts of India. We would continue to increase our footprints in the logistics space. This will further improve our port to hinterland connectivity," said the company's CEO Karan Adani.

"We are progressing towards achieving an operating income of Rs 10,000 crore in FY18," he added.

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