Adani Ports & SEZ Q3 consolidated profit up 16% to Rs 1,576 crore

adaniports

Adani Ports and Special Economic Zone Limited (APSEZ) on Tuesday reported a 16.22 percent increase in its consolidated profit to Rs 1,576.53 crore for the third quarter ended on December 31, 2020.

The country’s largest integrated logistics player had clocked a consolidated profit of Rs 1,356.43 crore in the corresponding period a year earlier, the company said in a regulatory filing to the BSE.

Its total consolidated income increased to Rs 4,274.79 crore for the third quarter, as against Rs 3,830.43 crore in the year-ago period.

The company’s total expenses during the quarter under review increased to Rs 2,258.62 crore, compared to Rs 2,091.40 crore in the year-ago period.

Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, “The strong and lasting recovery at APSEZ has been the cornerstone of our journey in the recent past. It’s a proven certitude that our business now operates closer to a pure-play utility. Our portfolio of assets, increasing market share in India, and preeminence of our network with leadership positions have an unparalleled value proposition.”

He said the team at APSEZ continues to innovate and establish operational excellence as the key differentiator, thus improving margins.

“For instance, at KPCL, which was acquired in October, we have improved the EBIDTA margin from 55 percent to 71 percent. APSEZ is well on course to achieve 500 MMT (metric million tonne) of cargo throughput by FY25,” he said.

APSEZ will be investing in the logistics and warehousing business with increased investment in Tracks, Rakes as well as land for developing multimodal logistics parks and warehousing facility, he said.

“Our businesses and future investments are aligned to sustainable growth with a focus on preserving the environment. We continuously recognize and sponsor more sustainable options in an effort to manage and reduce the effect on the environment.”

“Our environmental footprint strategy seeks to address greenhouse gas emissions and waste throughout the entire operation as we strive to continually strengthen our environmental practices and become carbon neutral by 2025,” he added.

APSEZ, a part of Adani Group is the largest port developer and operator in India with 12 strategically located ports and terminals Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai and Krishnapatnam in Andhra Pradesh that represent 24 per cent of the country’s total port capacity.

The company is also developing a transhipment port at Vizhinjam, Kerala and a container Terminal at Myanmar.

News Source: moneycontrol

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