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Business News » Companies News

Adani Ports' Q3 net up 26%; to issue NCDs worth Rs 1170 crore

Karan Adani, Chief Executive Officer of APSEZ said, “Our strategy to diversify our cargo mix and focus on high value cargo continues to yield positive results. Like last quarter, the continued out-performance in cargo volumes is backed by Healthy growth in our newer ports namely Hazira, Dhamra and Kattupalli.”

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Adani Ports' Q3 net up 26%; to issue NCDs worth Rs 1170 crore
A Bloomberg poll estimated the company would report net profit of Rs 858 crore in Q3. Photo: Official Website
Written By: ZeeBiz WebTeam
Updated: Tue, Feb 14, 2017
03:54 pm
Mumbai, ZeeBiz WebDesk
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Adani Ports & Special Economic Zone on Tuesday reported 26% year-on-year (YoY) rise in consolidated net profit for its third quarter ended December 31, 2016, results.

The company reported net profit of Rs 849.75 crore, up by 25.82% compared to Rs 675.32 crore in the corresponding period of the previous year.

However, compared with preceding quarter's (Q2FY17) Rs 1074.66 crore, the net profit of Adani Ports was down by 20.92%.

A Bloomberg poll estimated the company would report net profit of Rs 858 crore in  Q3.

Consolidated total income from operations was at Rs 2,235.78 crore in Q3, witnessing growth of 31.82% year-on-year (YoY) and 2.41% quarter-on-quarter (QoQ).

Karan Adani, Chief Executive Officer of APSEZ said, “Our strategy to diversify our cargo mix and focus on high value cargo continues to yield positive results. Like last quarter, the continued out-performance in cargo volumes is backed by Healthy growth in our newer ports namely Hazira, Dhamra and Kattupalli.”

He added, “Operational efficiency and our efforts to change the mix of bulk cargo beyond coal has resulted in all-round growth in our financial numbers.”

Consolidated cargo for Q3FY17 increased by 8% to 41 MMT as against 38 MMT in Q3FY16. While container volumes increased by 26% on Y o Y basis

On standalone basis, Adani Ports registered net profit of Rs 744.34 crore above 17% yoy and total income of Rs 1,324.50 crore up 24.91% yoy.

In its meeting held on Tuesday, the board of directors of Adani Ports approved a buy-back of about 11,700 non-convertible debentures (NCDs) totaling up to Rs 1170 crores from the existing debentures holders in one or more tranches.

The board has also considered and approved a scheme of arrangement between Adani Ports and Adani Harbour Services. Adani Ports would de-merge its Marine Business into the Adani Harbour.

Adani Ports said, “The scheme is expected to allow more focused strategy, standardization in operations, operating cost optimization, better monitering and utilization of assets.”

The scheme involves cash consideration of Rs 200 crore.

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TAGS:
Adani PortsAdani Power Q3 resultQ3FY17ADANI PORTS FINANCIAL PERFORMANCEADANI PORTS NET PROFITADANI PORT ISSUE BONDSADANI PORTS - Adani HARBOUR DEALaDANI'S MARINE BUSINESSShipping Sector
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