Adani Ports India’s Q2 profit soars as cargo volume soars | Whuff News

BENGALURU, Oct 31 (Reuters) – Adani Ports and Special Economic Zones ( APSE.NS ), India’s largest private port operator, reported a 69% jump in quarterly profit on Tuesday, driven by strong cargo volumes.

The company’s consolidated profit for the quarter ended September 30 rose to 16.77 billion Indian rupees ($203 million). It had reported a profit of 9.95 billion rupees a year ago.

Revenue from operations jumped 33% to 52.11 billion rupees compared to a year ago.

Adani Ports is part of the oil-to-coal mining conglomerate Adani Group, run by Asia’s richest man Gautam Adani.

The company achieved 200 million metric tonnes (MMT) of cargo delivery in seven months, said Karan Adani, chief executive officer of Adani Ports and Special Economic Zones.

Adani’s Ports portfolio now includes 12 ports across the country with the acquisition of Gangavaram Port in the southern Indian state of Andhra Pradesh.

The company said it was on track to achieve its full-year guidance of 350-360 MMT of cargo volume and earnings before interest, tax, depreciation and amortization of 122 billion rupees to 126 billion rupees.

($1 = 82.6470 Indian rupees)

Reporting by Nallur Sethuraman in Bengaluru; Editing by Saumyadeb Chakrabarty

Our Standards: Thomson Reuters Trust Principles.

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