Adani Ports Q3 profit pushes up 17%, cargo a big driver
ETMarkets.com|
Jan 18, 2018, 02.48 PM IST
Adani Ports and Special Economic Zone Ltd (APSEZ), the country's largest port developer and part of the Adani Group, on Thursday reported a 17.29 per cent increase in consolidated net profit at Rs 994.07 crore for the quarter to December.
It had posted a net profit of Rs 847.46 crore in the year-ago period.
An ET Now poll had predicted a net profit of Rs 1,000 crore in Q3 of 2017-18.
Consolidated total income of the company grew 20.39 per cent year-on-year to Rs 2,924.85 crore during the quarter under review, from Rs 2,429.57 crore in the same quarter last year.
Karan Adani, CEO and Whole Time Director of APSEZ, said, "Cargo volumes growth in Q3 2017-18 rebounded after a tepid Q2. 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 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. We would thus aim to become a truly fully integrated player providing end-to-end service to our customers. We are progressing towards achieving an operating income of Rs 10,000 crore in 2017-18 which will be another milestone in the history of APSEZ," he said.
Shares of the company were trading 1.97 per cent down at Rs 424.50 at around 2.20 pm (IST).
It had posted a net profit of Rs 847.46 crore in the year-ago period.
An ET Now poll had predicted a net profit of Rs 1,000 crore in Q3 of 2017-18.
Consolidated total income of the company grew 20.39 per cent year-on-year to Rs 2,924.85 crore during the quarter under review, from Rs 2,429.57 crore in the same quarter last year.
Karan Adani, CEO and Whole Time Director of APSEZ, said, "Cargo volumes growth in Q3 2017-18 rebounded after a tepid Q2. 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 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. We would thus aim to become a truly fully integrated player providing end-to-end service to our customers. We are progressing towards achieving an operating income of Rs 10,000 crore in 2017-18 which will be another milestone in the history of APSEZ," he said.
Shares of the company were trading 1.97 per cent down at Rs 424.50 at around 2.20 pm (IST).
