Adani Ports Q4 net profit up 197% to Rs 710.31 cr
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Adani Ports Q4 net profit up 197% to Rs 710.31 cr

Last Updated: Wednesday, May 15, 2013, 19:09
 
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Adani Ports Q4 net profit up 197% to Rs 710.31 cr
New Delhi: Adani Ports and SEZ on Wednesday posted 197 percent increase in its consolidated net profit at Rs 710.31 crore for the fourth quarter ended March, 2013, on account of one-time gain of Rs 420 crore as it divested its holding in Australia's Abbot Point terminal to promoters.

The Adani group company had reported a net profit of Rs 239.46 crore during the corresponding quarter of 2011-12.

Net sales of the company rose by nearly 42 percent to Rs 965.09 crore during the quarter vis-a-vis Rs 680.32 crore in the same period of the previous fiscal.

"The divestment of investments (subject to certain approvals to be received) results into a gain of Rs 70 crore as a standalone basis and on a consolidated basis, a gain of Rs 420 crore," Adani Ports and SEZ (APSEZ) said.

In a statement, the company said its promoters have accepted to pay AUD 235.71 million, the entire investment amount in Abbot Point, though the independent valuation of the property had pegged the price below the investment value.

It further said that "net profit after Abbot point disinvestment increased by 197 percent to Rs 710 crore as compared to Rs 239 crore in the corresponding quarter previous year."

Adani Ports had acquired Abbot Point Coal Terminal in May, 2011 for Australian dollars 1.8 billion (about Rs 9,000 crore) in an all cash deal. The company had announced divestment of its entire stake to Adani family -- its promoters-- while announcing its third quarter results.

"It is a matter of pride that it continues its march towards becoming the biggest commercial port in India. Disinvestment of the port at Abbot Point, Australia will further give fillip to its growth plans," APSEZ's Chairman Gautam Adani said.

During the quarter, it handled a consolidated cargo of 25.67 million tonnes (MT), recording a growth of 49 percent, the company said, adding that the Mundra Port handled 22.89 MT of cargo in the period.

For the year ended March, 2013, the company reported a 47.29 percent increase in its consolidated net profit at Rs 1,623.22 crore, while its net sales rose by over 32 percent to Rs 3,486.42 crore.

APSEZ, during 2011-12, had reported a consolidated net profit of Rs 1,102.07 crore and a net sales of Rs 2,635.84 crore.

With a consolidated cargo handling of 90.71 MT during the last fiscal, the company recored a 29 percent growth. APSEZ's flagship Mundra Port handled 82.13 MT of cargo in the year and retained its second position across the ports in the country.

The company Board recommended a dividend of of 50 percent or Rs 1 per equity share for the last fiscal.

Shares of the company closed today at Rs 152.25 apiece on the BSE, up 1.53 percent from the previous close.


PTI




First Published: Wednesday, May 15, 2013, 19:09


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