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Adani Ports & Special Economic Zone Ltd today reported 24.76 per cent growth in consolidated net profit at Rs 450.51 crore for the quarter ended December 31, largely due to nearly 5 times rise in its other income amid flat sales and increased costs.
The Adani group firm had reported net profit of Rs 361.09 crore in the October-December period the 2012-13 fiscal.
Net sales of the company in Q3, 2013-14 were flat at Rs 1,034.04 crore, vis-a-vis Rs 1,032.27 crore of the year-ago period, the company said in a filing to the BSE.
Its main business segment, ports and special economic zone (SEZ), reported only 2.62 per cent rise in revenues to Rs 958.28 crore in the last quarter.
Its total expenditure was Rs 614.74 crore in the last quarter, amounting to 59.45 per cent of its net sales as the company's operating expenses rose by 27.38 per cent to Rs 316.92 crore, and costs on depreciation and amortisation went up by over 67 per cent to Rs 109.47 crore.
Adani Ports also reported 4.75 times rise in its other income to Rs 163.84 crore in the third quarter of the current fiscal, as against Rs 34.47 crore in the year-ago period.
In a separate statement, the company said that it handled 29.14 million tonnes (MT) consolidated cargo with 21 per cent growth in Q3. It also handled 0.64 million TEUs of containers registering a 57 per cent growth.
Adani Ports Chairman Gautam Adani said: "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."
Company's Chief Financial Officer B Ravi said Adani Ports had robust cargo volumes at all its operational ports and its focus on improving processes and innovation will enable the company to have long term sustainable growth.
He added that "diversified cargo growth with completion of other ports will provide additional thrust to the growth in ensuing period resulting better financial performance".
Mundra Port, the flagship port of Adani Ports, remained the number one commercial port of India and has handled 74.73 MT of cargo during the April-December period, outperforming state-owned Kandla Port (66.08 MT).
Moreover, the company signed a memorandum of understanding with Belgian Port of Zeebrugge and completed coal terminal at Visakhapatnam Port 8 months ahead of schedule, it said.