India: Strong Results for Adani Ports
Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, announced the financial results for the fourth quarter and year ended March 31, 2014.
Consolidated total income for the year FY14 increased by 43% to Rs 5,508 crore compared to Rs 3,841 crore in the last year. The consolidated EBIDTA increased by 36% to Rs 3,604 crore compared to Rs 2,640 crore in the last year.
The consolidated PAT without considering Abbot Point, which had been divested last year, for the current year increased by 13% to Rs 1,740 crore as compared to Rs 1,538 crore in the last year.
The consolidated cargo handled by the company was 112.75 MMT in year FY14, an increase of 24%, over last year.
Mr. Sudipta Bhattacharya, Chief Executive Officer, elaborating on the financial performance said: “We had a robust year with growth on all fronts and improved margins. Our focus on integrated services, process efficiencies coupled with our customer focus will enable us to create significant value for all the stakeholders.”
Progress on other port projects
The coal terminal at Visakhapatnam port was completed 8 months ahead of schedule. This marks entry of Adani Ports on the east coast of India. The coal terminal at Murmugao is also completed.
Project execution of Tuna Tekra at Kandla is as per the schedule. The company has also signed the concession agreement with Ennore Port Ltd (now changed to Kamarajan Port Ltd).
Press Release, May 16, 2014