Adani Ports posts Q1 net profit of $49mln
Adani Ports’ first quarter net profit ended June 30 was US$49.31 million compared with $45.56 billion a year ago, reported India Infoline News Service.
The EBIDTA increased by 104 percent to $141.13 million compared to $69.32 million in the corresponding quarter previous year. The consolidated cargo handled was 22.55 million metric tonnes, an increase of 26 percent over the same period a year ago.
Commenting on the results, Gautam Adani, chairman, Adani Ports & SEZ, said, “The company has continued to perform well amongst all ports and is steadily marching towards becoming the largest commercial port in India.”
B Ravi, chief financial officer, said growth in cargo was nine percent in Adani Ports while there was de-growth of six percent in all other major ports put together. The company also increased its market share to over 11 percent, up by one percent.
Even on the container side the company has outperformed other container ports by registering a 25 percent growth compared to no growth at other container terminals. Adani Ports' market share has risen to 18 percent, up by three percent.
