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Adani Ports Q3 net up 12.52% to Rs 361 cr

The Adani Group company had reported a net profit of Rs 320.90 crore in the same quarter of the previous fiscal.

New Delhi: Adani Ports and SEZ Ltd (APSEZ) Monday posted 12.52 percent growth in consolidated net profit at Rs 361 crore in the third quarter, and said it will divest almost the entire stake in Australia's Abbot Point Coal Terminal to the Adani family.

The Gujarat-based company had acquired a long term lease of 99 years for Abbot Point Coal Terminal in May 2011 for Australian dollars (AUD) 1.8 billion (about Rs 9,000 crore) in an all cash deal.

"We are divesting almost 100 percent share (in Abbot Point Coal Terminal) to Adani family and will be keeping shares worth USD 1,000 only," APSEZ's Chief Financial Officer B Ravi told PTI, adding that valuation is yet to be done.

He said the Abbot Point stake divestment to Adani family will strengthen APSEZ's balance sheet and it can now focus more on Indian port sector, where "opportunities are better".

"Entire thing (acquisition of Abbot Point) was funded through debt. We had provided a corporate guarantee of USD 800 million. This will go off our balance sheet and our financials will improve," he said.

"It is yet to be done. APSEZ has so far invested about USD 235 million in Abbot Point and that's what we are looking at currently," Ravi said when asked about the valuation.

The divestment of stake is expected to be completed by March-April as it depends upon various regulatory clearances and formalities, he said, adding that post-divestment, Abbot Point Coal Terminal will become a privately owned company, belonging to Adani family.

Meanwhile, the consolidated net profit of the company has also gone up by 12.52 percent to Rs 361.09 crore for the October-December quarter, mainly on account of 52 percent jump in sales, which stood at Rs 1,340.21 crore.

The Adani Group company had reported a net profit of Rs 320.90 crore and net sales of Rs 881.09 crore in the third quarter of FY'12.

Besides, the company handled 28.32 million metric tonnes (MMT) of cargo, a growth of 32 percent, at its various ports. This includes 21.38 MMT cargo at APSEZ's main project, the Mundra Port.

During the quarter, APSEZ's total expenditure also increased by over 49 percent to Rs 639.94 crore, while its interest outgo jumped over three times to Rs 312.06 crore in the quarter.

APSEZ is country's largest private sector port operator, having operation at Mundra, Dahej and Australia's Abbot Point and has a cargo handling capacity of 78 MMT.

It is also developing ports at Hazira, Mormugao, Visakhapatnam and Kandla in India and Dudgeon Point in Australia. By 2020, it is aiming to have annual cargo handling capacity of 200 MMT.


From Zee News

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