Adani Ports and Special Economic Zone (APSEZ) reported a 77.04 per cent jump in consolidated net profit to Rs 1,341.69 crore for the first quarter of the current financial year. The country’s largest integrated logistics player had clocked a consolidated net profit of Rs 757.83 crore in the corresponding period a year ago, according to a regulatory filing.
Its total income during the latest June quarter rose to Rs 4,938.43 crore, against Rs 2,749.46 crore in the year-ago period. The company’s total expenses during the quarter under review increased to Rs 3,464.88 crore, from Rs 1,805.24 crore a year ago.
Adani said that the company has raised its target cargo volumes to 350-360 million metric tonnes, which translates into a year-on-year growth of about 45 per cent. “APSEZ also became the first Indian infrastructure company to have raised a dual-tranche of 10.5-year and 20-year unsecured bonds,” a company statement said adding that the company’s goal of becoming the first port firm to be carbon neutral by 2025 is very well on track.
The board of Adani Ports has also formed a committee of independent directors to evaluate an acquisition for consolidating Gangavaram Port Ltd (GPL) with APSEZ Group, including merger, post completion of 10.40 per cent stake sale by the Government of Andhra Pradesh (GoAP) in GPL, the company said.
In notes to April-June quarter earnings, APSEZ said the company acquired balance 25 per cent stake in Krishnapatnam port for Rs 2,800 crore, making it a 100 per cent subsidiary of APSEZ.
It said that as a second international foray, it will develop a container terminal at Colombo Port with a capacity of 3.5 million twenty-foot equivalent unit (TEUs). “Construction is expected to start in December 2021.” According to the company, cargo volume increased due to growth in all types of cargo dry bulk grew 104 per cent, container 69 per cent, and liquid cargo (including crude) 57 per cent. As part of its social outreach programme, APSEZ said it decided to vaccinate its employees in April 2021.