Adani Ports Q3 net profit rises 19.5% to Rs1,001 crore

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Ahmedabad: Adani Ports and Special Economic Zone (APSEZ), India’s largest port operator, on Thursday reported a 19.5% rise in fiscal-third quarter profit.

Consolidated net profit rose to Rs1,001 crore in the three months ended 31 December from Rs837.58 crore in the previous year. Income from operations increased by 22% to Rs2,689 crore from Rs2,209 crore in the year-ago period. The firm reported a strong revival of its cargo volumes.

“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 will continue to increase our footprints in the logistics space. This will further improve our port to hinterland connectivity,” said Karan Adani, chief executive officer of APSEZ in a statement.

APSEZ handled 47.61 million tonnes of cargo in the quarter, an increase of 16% from the same period last year.

While container volumes grew 29%, coal volumes rose 13% and crude volumes by 10%.livemint