Adani Ports Q2 net profit sinks 30% to `968 cr

New Delhi: Adani Ports and Special Economic Zone Limited (APSEZ) on Wednesday reported a 30.51 per cent decline in its consolidated net profit to Rs 968.34 crore for the second quarter ended in September due to a rise in its expenses.

India's largest integrated logistics player had clocked a consolidated net profit of Rs1,393.69 crore in the same period a year earlier, the company said in a BSE filing.Its total consolidated income increased to Rs 4,066.78 crore for the second quarter, against Rs 3,423.16 crore in the year-ago period. The company's total expenses during the quarter under review increased to Rs 2,509.81 crore from Rs 1,622.78 crore a year ago.

Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said: "APSEZ has delivered a strong first half, which is a testimony to our growth story."Adani added, "Our strategy of geographic expansion with a focus on higher-growth regions, balancing cargo mix, expansion in the logistics business, particularly rail transportation, and foray into grade-A warehousing segment reflects our move towards a 'Transport Utility' business model and is resulting in a continuous increase in our market share."

He also said that the company's acquisitions of Sarguja rail, Dighi port, and Gangavaram port, alongside the foray into Sri Lanka with a greenfield port in Colombo, all during H1 / 2021, are steps in that direction. "We are on track to achieve our volume target for FY 21-22 which will be a milestone year for APSEZ," Adani said.According to Adani, APSEZ is progressing towards its target of carbon-neutrality by 2025, with a focus on the use of renewable energy, and carbon offsetting through mangrove afforestation and terrestrial plantation.

The company in a statement said Adani Ports handled 144 million metric tonnes (MMT) of cargo in H1 of FY22 compared to 98 MMT in H1 of FY21, registering a growth of 47 per cent compared to 16 per cent growth registered at all India levels.