Coal news and updates

Adani Ports’ consolidated Q2 net up 68%

November 10: Adani Ports & SEZ Ltd, part of the Adani Group, reported a 68% increase in its consolidated net profit for the July-September quarter of 2014-15 to Rs 574 crore against Rs 342 crore reported in the same quarter of the previous fiscal, the company said in a filing to the BSE.

Elaborating on the financial performance, Sudipta Bhattacharya, Chief Executive
Officer of APSEZ, said, “We had a robust quarter with growth in our major cargo categories and we continue to maintain our volume at a high level performance in our port business… Our focus is on leveraging the benefits through our pan-India presence and integrated logistics business.”

In the first six months of the current fiscal, the company’s consolidated net profit increased 50% to Rs 1,142 crore from Rs 759 crore net profits earned in the same period of the previous fiscal, the company statement added.

During the second quarter of 2014-15, the company’s total income increased 33% to Rs 1,865 crore compared to Rs 1,407 crore reported in the same period of the last fiscal.

During the quarter under review, APSEZ handled 35.18 million tons (mt), up 25% from 28.14 mt in the same quarter of last year. Cargo handling by Mundra, the flagpship port of APSEZ, stood at 26.57 mt.

The port’s cargo handling for the first six months stood at 69.01 mt, up 26% over in the same quarter a year ago while cargo handling by Mundra stood at 55.43 mt during the quarter.