Adani Ports Q-3 profit rises 16% to 1,577 crore

Adani Ports and Special Economic Zone Limited (APSEZ), a part of Gautam Adani-led Adani Group, on Tuesday reported 16 per cent rise in its consolidated net profit at Rs 1,577 crore for the third quarter ended on December 31, 2020.

The country’s largest integrated logistics player had posted consolidated profit of Rs 1,356 crore in the corresponding period a year earlier, Adani Ports said in a BSE filing.

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The company said that the financial numbers of Q-3 FY-21 are not comparable to Q-3 FY-20 as it acquired Krishnapatnam Port in October, 2020, which is now consolidated. For Q-3 FY-21, Krishnapatnam Port reported revenue and EBIDTA of Rs 473 crore and Rs 336 crore, respectively. It handled a cargo volume of 10 MMT.

Commenting on Q-3 earnings, Karan Adani, CEO and Whole Time Director of APSEZ said, “The strong and lasting recovery at APSEZ has been the cornerstone of our journey in the recent past. It’s a proven certitude that our business now operates closer to a pure-play utility. Our portfolio of assets, increasing market share in India, and pre-eminence of our network with leadership positions have an unparalleled value proposition.”

Karan Adani further added, “The company said that the financial numbers of Q-3 FY-21 are not comparable to Q-3 FY-20 as it acquired Krishnapatnam Port in October, 2020, which is now consolidated. For Q-3 FY-21, Krishnapatnam Port reported revenue and EBIDTA of Rs 473 crore and Rs 336 crore, respectively. It handled a cargo volume of 10 MMT.”