Adani Ports and Special Economic Zone Ltd., India’s largest port infrastructure developer, reported its net profit surged 47 percent year-over-year in fiscal year 2012-13, which ended March 31, 2013, to $300.25 million on a consolidated basis.
The Ahmedabad-based company’s total revenue increased 40 percent in 2012-13 from a year earlier to $710.6 million. Operating profit was $310.17 million, rising 40 percent from $222.13 million in 2011-12.
The company’s net profit jumped a whopping 197 percent year-on-year in the January-March quarter to $131.35 million. Quarterly operating revenue was $200.17 million, up 54 percent from $130.24 million in the same period previous fiscal year.
“The divestment of investments (subject to certain approvals to be received) has resulted in a gain of Rs. 70 crore [$13 million] on a stand-alone basis and on a consolidated basis, a gain of Rs. 420 crore [$78 million] in the last quarter,” Adani said in a statement.
The company in the third quarter earnings statement had announced a decision to divest its entire stake in Abbot Point Coal Terminal, Australia, to the members of the controling Adani family.
Adani operates India’s biggest non-government cargo terminal at Mundra. The private port handled a record 82.13 million tons of cargo in 2012-13, up 21 percent from 2011-12, with container volume increasing 14 percent to 1.74 million 20-foot-equivalent units.
Besides port-terminal business, which includes cargo facilities at Hazira and Dahej, the group has considerable interests in commodities trading, power generation, infrastructure development and agriculture processing in India.