Adani Ports and SEZ Ltd. today reported a 12.52 per cent growth in consolidated net profit at Rs 361.09 crore for the third quarter ended December 31, 2012. The increase was mainly on account of 52 per cent jump in sales.
The Adani Group Company had reported a net profit of Rs 320.90 crore in the same quarter of the previous fiscal.
In a statement, the company’s Chief Financial Officer B. Ravi said: “The Board of Adani Ports has in-principle decided to divest its significant stake in entities controlling the Abbot Point Coal Terminal in Queensland, Australia, to the Adani family to focus on the high growth in Indian ports and logistics sector and maintain its leadership position in India.” The divestment will be subject to requisite approvals, formalities and clearances, at a valuation determined by an independent valuer and that it will “further enhance the financial strength of Adani Ports in order to pursue its plans to acquire or set-up new ports and logistics assets in India, he added.
Adani Ports had acquired Abbot Point Coal Terminal in May 2011 for Australian $1.8 billion (about Rs. 9,000 crore) in an all cash deal. During the quarter, net sales of the company rose by over 52 per cent to Rs 1,340.21 crore vis-a-vis Rs. 881.09 crore of the October-December quarter of the last financial year. Moreover, its total expenditure also increased by over 49 per cent to Rs 639.94 crore, while its interest outgo jumped over three times to Rs. 312.06 crore for the quarter.
Besides, the company handled 28.32 million tonnes (MT) of cargo, a growth of 32 per cent, at its various ports. This includes 21.38 MT cargo at APSEZ’s main project, the Mundra Port.
“All the other ports in Dahej, Hazira, Mundra and Abbot point are operating well and ports at Goa, Vizag, Tuna Tekra are going on schedule,” the company said.
According to the company, it is developing ports at Hazira, Mormugao, Visakhapatnam and Kandla in India and Dudgeon Point in Australia. By 2020, APSEZ is aiming to increase its annual cargo handling capacity to 200 MT by 2020 from its present capacity of 78 MT.
Shares of the company were trading at Rs. 136.35 apiece during the late afternoon trade, up 4.40 per cent on the BSE.