Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
News18 » Business
2-min read

Adani Ports and Special Economic Zone Q4 Profit Declines 19% to 940 Crore

The company's consolidated income increased to Rs 3,487.2 crore during January-March 2018 from Rs 2,554.7 crore in the year-ago period.

PTI

Updated:May 3, 2018, 7:13 PM IST
facebookTwitter Pocket whatsapp
Adani Ports and Special Economic Zone Q4 Profit Declines 19% to 940 Crore
File image of Adani Group chairman Gautam Adani.

New Delhi: Port developer and operator Adani Ports and Special Economic Zone (APSEZ) on Thursday reported 19.9 per cent decline in consolidated profit at Rs 940.4 crore for the quarter ended on March 31, 2018.

The company had posted a consolidated total comprehensive income of Rs 1,174.7 crore in the year-ago period, Adani Ports and Special Economic Zone said in a filing to BSE.

The company's consolidated income increased to Rs 3,487.2 crore during January-March 2018 from Rs 2,554.7 crore in the year-ago period.

"Consolidated PAT for Q4FY18 is Rs 938 crore," the company said in a statement.

"The profit after tax would have been higher but for higher tax incidence to Rs 396 crore in Q4FY18 from Rs 12 crore in Q4FY17. This is because Mundra port has come out of tax holiday period. However, from cash flow angle there is no incremental impact as company has MAT (Minimum Alternative Tax) credit entitlement," it said.

The MAT credit as on March 31, 2017 was Rs 2,685 crore. As of March 31, 2018 the balance MAT credit is Rs 2,025 crore, it added.

The consolidated revenue from operations registered a growth of 43 per cent from Rs 2,231 crore in the fourth quarter of FY'17 to Rs 3,183 crore in Q4FY'18, the statement said.

It has been another year of strong performance. We will continue to give thrust on increasing capacity utilisation and improving operational efficiencies. We expect EBITDA margins to increase by at least 100 BPS every year and peak at around 73 per cent," Chief Executive Officer and Whole Time Director of APSEZ Karan Adani said.

In order to optimally utilise its cash from operations, Adani said APSEZ has formulated a capital allocation policy.

"Also, to give sustainable reward to our shareholders, board has approved a modified dividend policy. Going forward, we will continue to initiate steps to further improve our transparency, disclosures and corporate governance," Adani added.

In a separate filing, the company said that its board in a meeting held on Thursday has recommended following enabling resolutions for seeking the approval of the shareholders at the ensuing annual general meeting to raise funds up to Rs 5,000 crore by issuance of "equity shares/convertible bonds through qualified institutional placement (QIP)/GDR..."

The board, it said, has approved incorporation of special purpose vehicle as wholly-owned arm for developing Bhavanapadu Port.

The board on the recommendation of the nomination and remuneration committee and audit committee has appointed Deepak Maheshwari as Chief Financial Officer w.e.f May 3, 2018.

Adani Ports and Special Economic Zone is India's leading port developer and operator.

APSEZ has 10 strategically located ports and terminals, including Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai - representing 24 per cent of India's total port capacity.

APSEZ is currently developing a transhipment port at Vizhinjam, Kerala.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Bijaya Das
Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
SBI 321.90 5.20
Bharti Airtel 393.05 8.43
ICICI Bank 499.85 0.24
Reliance 1,470.85 0.55
Yes Bank 68.70 -0.07
Company Price Change %Gain
Cipla 463.10 2.57
SBI 322.00 5.19
Bharti Airtel 393.20 8.42
Eris Life 410.15 -0.19
Yes Bank 68.70 -0.07
Top Gainers
Company Price Change %Gain
Bharti Infratel 227.15 8.87
Bharti Airtel 393.05 8.43
SBI 321.90 5.20
Grasim 755.15 2.89
Cipla 463.25 2.63
Company Price Change %Gain
Bharti Airtel 393.20 8.42
SBI 322.00 5.19
Kotak Mahindra 1,623.00 1.60
Sun Pharma 414.90 1.18
Tata Motors 168.60 0.96
Top Losers
Company Price Change %Gain
IOC 131.70 -3.76
Hero Motocorp 2,543.20 -1.87
BPCL 506.55 -1.57
Maruti Suzuki 7,147.20 -1.38
Vedanta 142.10 -1.32
Company Price Change %Gain
Hero Motocorp 2,542.85 -1.85
Bajaj Auto 3,188.30 -1.43
Maruti Suzuki 7,147.00 -1.38
ITC 250.65 -1.30
Vedanta 142.10 -1.29

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results