Coal news and updates

Adani Ports’ consolidated Q3 net up 14%

January 28: Adani Ports & SEZ Ltd, part of the Adani Group, reported a 13.52% increase in its consolidated net profit for the October-December quarter of 2014-15 to Rs 512 crore against Rs 451 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 have had another record quarter and nine months performance on all fronts of cargo, revenue and EBIDTA growth and we are further enhancing our focus on sales and operational excellence to maintain our growth momentum.”

Gautam Adani, Chairman, Adani Group said, “...Our performance across all ports continues to be robust therefore reflecting the strength of our Pan India strategy”.

In the first nine months of the current fiscal, the company’s consolidated net profit increased 37% to Rs 1,654 crore from Rs 1,210 crore net profits earned in the same period of the previous fiscal, the company statement added.

During the third quarter of 2014-15, the company’s total income increased 38% to Rs 1,701 crore compared to Rs 1,236 crore reported in the same period of the last fiscal.

The results include the results of Dhamra Port Company Limited as well, which APSEZ acquired on June 23, 2014.

During the quarter under review, APSEZ handled 39 million tons (mt), up 33% over the same quarter of last year while cargo handling at Mundra, the flagpship port of APSEZ stood at 29 mt during the quarter under review.

The port’s cargo handling for the first nine months stood at 108 mt, up 29% over in the same quarter a year ago while cargo handling by Mundra stood at 84 mt during the period under review.