India’s port developer and part of Adani Group, Adani Ports and Special Economic Zone Limited (APSEZ), recorded a 31 percent increase in profit during the first quarter of fiscal year 2017 as a result of cargo volume growth.
The company’s profit after tax rose from INR 639 crore to INR 836 crore.
During the first quarter, cargo volume handled on a consolidated basis was 42.3 million tonnes, against 39.6 million tonnes seen in the first quarter of fiscal 2016, representing an increase of 7 percent.
Moreover, container volumes surged by 27 percent on a Year on Year (YoY) basis.
In addition, APSEZ’s consolidated total income on a YoY basis increased by 11 percent in the first quarter to INR 2,084 crore.
“Our results are reflection of our ability to deliver robust performance every time. A healthy growth in cargo volumes, operational efficiencies and our strategy to increase bulk cargo volumes, other than coal volumes have enabled us to report all round growth in our financial numbers,” Karan Adani, Chief Executive Officer of APSEZ, said.
Adani added that the port developer’s focus areas in the future will be coastal shipping, commissioning of the fourth container terminal CT4 as well as further growth in volumes at Kattupalli port.