APSEZ net profit grows over 38% in Q4 2016

The Dollar Business Bureau

Adani Ports and Special Economic Zone's (APSEZ) net profit grew 38.34% to Rs. 914.06 crore in Q4 March 2016, the company said on Wednesday in a statement.

The company’s net profit was Rs.660.73 crore in the corresponding quarter of 2014-15.

APSEZ’s EBITDA (earnings before interest, taxes, depreciation and amortisation) excluding other income, increased by 12% to Rs.1225 crore in Q4 March 2016 over the corresponding period of 2015.

Cargo handling across all APSEZ ports, too, climbed 5% to 152 million metric tonnes (MMT) during 2015-16 over the corresponding period of 2015.

The APSEZ, in a separate statement, said it has decided to seek shareholders' nod to raise funds by issuing equity shares/convertible bonds for up to Rs.10000 crore.

Following the announcement, APSEZ’s shares fell as much as 11% on concerns over equity dilution.

APSEZ’s businesses span across coal trading & mining, oil & gas exploration, multi-modal logistics, power generation & transmission, ports and gas distribution.

It represents a large network of ports, with Mundra being the country’s largest Special Economic Zone (SEZ).