Adani Ports and Special Economic Zone Ltd (APSEZ) today reported 7.88 per cent decline in consolidated net profit to Rs 992.37 crore for the second quarter ended September 30, due to higher tax incidence.
The logistics arm of Adani Group had clocked a net profit of Rs 1,077.28 crore in the corresponding period of the last fiscal, it said in a BSE filing.
Consolidated profit after tax was Rs 992 crore. The profit after tax is lower due to higher tax incidence of Rs 381 crore in Q2 FY18 from Rs 82 crore in Q2 FY17, the company said in a statement.
Its total income rose to Rs 2,962.12 crore during the quarter under review as against Rs 2,410.03 crore in the corresponding period a year ago.
The total expenses of the company increased to Rs 1,584.19 crore in the July-September quarter as against Rs 1,251.98 crore in the year-ago period.
The company said APSEZ in H1 FY18, generated free cash flows of Rs 690 crore and reduced net debt by Rs 737 crore.
The logistics firm said its net debt as of September 30, 2017 is Rs 17,864 crore. Net debt to EBITDA (earnings before interest, tax, depreciation and amortization) now stands at 2.64x compared to 3.27x as of FY17.
"Our efforts to diversify and change cargo mix continue to yield results. Other bulk cargo and containers continue to register double digit growth and this trend should continue in years to come," APSEZ CEO and Whole Time Director Karan Adani said.
While west coast continues to register double digit growth in containers, in the east coast specifically Dhamra has huge potential to grow exponentially, he said.
"We would continue to increase our footprints in logistics space and further improve our port to hinterland connectivity. We would thus aim to become a truly fully integrated player providing end to end service to our customers," Adani added.
The Adani Group is one of India's leading business houses with revenue of over USD 12 billion.
Adani owns and operates nine ports and terminals in India. These are at Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh and Kattupalli and Ennore in Chennai.
Mundra Port, which is the largest port in India, benefits from a deep draft, first-class infrastructure and SEZ status.
The company said cargo volumes touched 169 MMT (million metric tonnes) mark in 2017. Adani is developing a transhipment port at Vizhinjam, Kerala.
The shares of the company closed at Rs 414.05 apiece, down 3.20 per cent from the previous close on BSE.
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