India's largest port developer and logistics arm of Adani Group, APSEZ, Monday reported a 41.45 percent surge in its consolidated net profit to Rs 1,314.19 crore for the quarter ended on March 31, 2019.
Adani Ports and Special Economic Zone Limited (APSEZ) had clocked a consolidated net profit of Rs 929.06 crore for the fourth quarter of the last fiscal, the company said in a regulatory filing.
Total income of the company grew marginally to Rs 3,492.72 crore during the quarter under review as against Rs 3,487.29 crore a year-ago.
Its consolidated total expenses, however, decreased to Rs 1,840.35 crore in the January-March quarter as against Rs 2,162.10 crore in the year-ago period.
Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, "FY19 had been a landmark year in the history of APSEZ. We have not only exceeded our guidance of handling of 200 MT (million tonne) in FY19 but also demonstrated our capability of being resilient and grow across all segments and ports. Our strategy to tie up cargo for our terminals at major ports ensured optimum utilization of these ports."
He said APSEZ signed a 50-year BOT (build, opeate and transfer) agreement for operating a container terminal at Yangon.
The proposed container terminal at Yangon, Myanmar is part of APSEZ strategy to expand its container terminal network in South-East Asia.
The proposed container terminal will be integrated with our Ports/Terminals along the east and south coast of India, unlocking synergies by offering multiple entry/exit points for the shipping lines which wish to call on this region, Adani said in a statement.
"We will continue to look at opportunities of inorganic growth in Logistics and ports business in India to increase our hinterland and connectivity. We will gain greater influence, beyond ports and concentrate on supply chain management. Our logistics parks will concentrate on warehousing and improving our capability to handle variety of cargo moving in and out of our logistics parks, on our rakes, to our and other ports in India," Adani said.
Deepak Maheshwari, CFO and Head of Strategy said, ...In all the four quarters of FY19 and have achieved PAT of over Rs 4,000 cr. for the first time... We expect this trend to continue in FY20 giving us the ability to make strategic investments in port and logistics business."
The company in the statement said its cargo volume was up 15 per cent in FY2018-19 and 19 per cent in the last quarter of the fiscal.
It said the board has approved a policy on Related Party Transactions for Acquiring and Sale of Assets while Nirupama Rao, (IFS) has been appointed as an Independent Director, which has increased gender diversity to 20 per cent of the Board composition.
APSEZ has 10 strategically located ports and terminals Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai.These represent 24 per cent of the country's total port capacity, handling vast amounts of cargo from both coastal areas and the vast hinterland.The company is also developing a transhipment port at Vizhinjam, Kerala.