Profit, Revenue Surge at India's Adani

Profit, Revenue Surge at India's Adani

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.