Adani Ports and Special Economic Zone Limited Visakhapatnam/UNI: Adani Ports and Special Economic Zone Limited (APSEZ), has reported a 6 percent year-on-year decline in its consolidated Net Profit at Rs 1479 crore for the third quarter ended December 31, 2021.
The country's largest transport utility player had clocked a consolidated Net Profit of Rs 1577 crore in the corresponding period in previous year, the company said in a release here on Tuesday.
During the quarter, its total consolidated revenues increased by 1 percent at Rs 3,797 crore against Rs 3,746 crore in the year-ago period.
However in nine months, consolidated revenue grew by 35 percent from Rs.8,942 crore to Rs.12,089 crore, on the back of all-around growth registered in all three key segments of Port, Logistics and SEZ revenue and addition of SRCPL.
In Q3 FY22, cargo volume was subdued on account of lower import of coal by key IPPs like Adani Power Mundra, GGPL and lower trading coal volume which was impacted due to higher commodity prices and disruptions in the supply chain.
Coal volume in Q4 FY22 is likely to improve due to increasing power demand and softening of prices Globally, the release said.
APSEZ Chief Executive Officer and Whole Time Director Karan Adani said “APSEZ had shown tremendous resilience all through the pandemic period.
The addition of two ports in 2021 – Krishnapatnam and Gangavaram in Andhra Pradesh on the East Coast of India – to the ones on the West Coast continued to tighten our pan-India presence.
Our under-construction port of Vizhinjam in Kerala, along with our new terminal in Colombo, Sri Lanka, will act as a new transshipment hub in southeast Asia,” he said.
The Adani Group will continue to invest in new technologies, automation and digitization, to provide further impetus for growth.
During 9M of FY22, the company handled 212 Million Metric Tonnes (MMT) of cargo compared to 174 MMT in 9M FY21, registering a growth of 22 percent compared to 7 percent growth registered by all India cargo volume.
As a result, market share of APSEZ in All India Cargo volume has increased by 350 bps to 28.1 percent.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
