Adani Ports Q2 net profit down 4% at Rs 275.56 crore
Mumbai: Adani Ports and SEZ (APSEZ) on Friday reported 3.86 percent decline in consolidated net profit of Rs 275.56 crore for the second quarter ended September 30, 2012 due to increase in its finance costs.
The Adani group company had reported consolidated net profit of Rs 286.61 crore in the July-September quarter of the previous fiscal.
Net sales of the company were up about 19 percent at Rs 1,108.35 crore during the quarter, vis-a-vis Rs 855.85 crore of the July-September quarter of FY'12, it said in a filing to the BSE.
Finance cost of the company increased nearly 2.5 times to Rs 242.94 crore during the quarter as compared to Rs 99.40 crore of second quarter of 2011-12.
Besides, its total expenditure went up by 11.70 percent to Rs 542.27 crore, while it reported an over 77 percent growth in its other income at Rs 43.20 crore during the quarter.
On a standalone basis, APSEZ's net profit was up over 57 percent to Rs 429.56 crore during the quarter, while its net sales increased by 19 percent to Rs 697.58 crore.
In a separate statement, the company said that it handled 20.43 million tonnes (MT) of cargo during the quarter, registering a growth of 15 percent. During the first six months of the fiscal, APSEZ handled 47.88 MT.
"It gives me pleasure to state that Adani Ports has once again outperformed all commercial ports. Through its global benchmarked practices it continues to significantly contribute in the overall growth of Indian Port Infrastructure," company's Chairman Gautam Adani said in the statement.
The company said it continues to be the second largest commercial port of India both in total cargo as well as in the containers.
"All the other operational ports in Dahej and Abbot point are performing well and ports at Hazira and container terminal in Mundra are completed. Goa, Vizag, Tuna Tekra are on course," the company statement further said.
The company's scrip was trading at Rs 123.85 on the BSE at 1500 hrs, down 0.28 percent from the previous close.