Mumbai: Adani Ports and SEZ Tuesday said its net profit for the October-December quarter fell to Rs 1,479 crore from Rs 1,576 crore due to weak operating performance.
Revenue rose to Rs 4,423 crore from Rs 4,275 crore a year earlier.
Total expenses rose to Rs 2,739 crore from Rs 2,259 crore.
Cargo tonnage fell 11 per cent to 68 million metric tons in October-December in FY22 compared to 76 million metric tons in the same period last year.
“In Q3 FY22, cargo volume was subdued on account of lower import of coal by key IPPs like Adani Power Mundra, GGPL and lower trading coal volume which was impacted due to higher commodity prices and disruptions in the supply chain. Coal volume in Q4 FY22 is likely to improve due to increasing power demand and softening of prices globally,” APSEZ said in a statement.
“Our learnings in 2020 helped us weather the storm and our operational expertise allowed us to continue our expansion. The addition of two ports in 2021 – Krishnapatnam and Gangavaram in Andhra Pradesh on the east coast of India – to the ones on the west coast continued to tighten our pan-India presence. Our under-construction port of Vizhinjam in Kerala, along with our new terminal in Colombo, Sri Lanka, will act as a new transshipment hub in southeast Asia,” said Karan Adani in a statement.
During the first nine months of FY22, it handled 212 million metric tons of cargo compared to 174 million metric tons in the nine months of FY21 thus registering a growth of 22 per cent.
Adani Logistics (ALL), registered a 25 per cent growth in rail volume to 284,477 TEUs and a 13 per cent growth in terminal volume to 211,679 TEUs.
During the quarter, the company completed the acquisition of Sarguja Rail. All rail assets will not be under one entity called Adani Track Management Systems.
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