Adani Ports and Special Economic Zone, India’s largest private port infrastructure developer, reported its consolidated net profit in the third quarter of fiscal year 2013-14 was $72 million, surging 25 percent year-over-year from $58 million.
Quarterly income climbed 16 percent from a year earlier to $199 million.
The private operator’s cumulative cargo volume from October to December totaled 29.1 million tons, up 21 percent over the same period in 2012.
“We had robust cargo volumes at all our operational ports. Diversified cargo growth with completion of other ports will provide additional thrust to the growth in ensuing period, resulting better financial performance,” the company said in a written statement.
Consolidated net income in the first three quarters of the fiscal year (April to December) was $193.6 million, increasing 33 percent year-over-year. Overall revenue in the nine-month period jumped 53 percent to $675 million.
Adani’s various cargo terminals, including its flagship Mundra, handled 83.9 million tons of cargo from April through December, up 29 percent over the same period in 2012. Cargo throughput at Mundra in the first three quarters was estimated at 74.7 million tons, up 26 percent, with container traffic rising 33 percent to 1.7 million TEUs.
“Our aim is always to follow best practices and help in nation building through world-class infrastructure and we are glad, we are progressing well in the direction,” group chairman Gautam Adani said.
In addition to Mundra, which has now surpassed all the 12 major state-owned ports to become the country’s biggest cargo hub, Adani operates cargo facilities at the ports of Hazira, Dahej and Visakhapatnam. The group is currently building new facilities at other major ports, including Mormugao and Kandla.