APSEZ net profit down 28% at Rs 359 cr

      08/08/2018

Adani Ports and Special Economic Zone Ltd (APSEZ) has posted a standalone net profit of Rs 359 crore for the first quarter ended June 2018, down 28 per cent, from Rs 500 crore reported in the corresponding quarter a year ago. The company's standalone revenue from operations stood at Rs 1,081 crore against Rs 1,645 crore.

On a consolidated basis, the company's net profit stood at Rs 697 crore during the quarter under review, down by 9 per cent, from Rs 767 crore in the same period last year. Consolidated revenue from operations stood at Rs 2,411 crore (Rs 2,745 crore).

Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ, said, “We have clocked highest quarterly throughput with a growth of 9 per cent in the first quarter of fiscal 2019. This has been possible due to our continued efforts to diversify cargo at all our ports. Port EBITDA margins have expanded by 100 BPS to 70 per cent and we expect EBITDA to continue to expand due to our focus on higher capacity utilisation, automation and mechanisation through use of technology."

"Our focus will be to further strengthen our balance-sheet and to continue best practices in health, safety and environment processes," said Adani.

APSEZ shares were trading down by 5.17 per cent at Rs 377.20 on the BSE.