Mundra Port Q4 net profit up 74%

Mundra Port and Special Economic Zone, India’s largest private multi-port operator and subsidiary of Adani Enterprises, India’s leading infrastructure conglomerate, today reported its financial performance for the quarter ended 31st March, 2011.


Total Income for the quarter ended March 31,2011, was at Rs. 644 crore registered a growth of 50%, as compared to Rs. 428 crore in the same period of last year. Net Profit for Q4 FY11 rose by 74 % to Rs. 335 crore, as compared to Rs. 192 crore in the previous year.


Total Income for the year ended March 31, 2011, grew by 36% to Rs. 1935 crore as compared to Rs. 1426 crore in the previous year, while net profit for the year ended March 31, 2011, registered a growth of 41% to Rs. 986 crore, as against Rs. 701 crore posted in the same period of last fiscal.


The EBIDTA margin for FY11 was at 70% as against 68% in FY 10. The Net profit margin for FY11 was at 51%, as compared to 49% in FY10, registered a growth of 2 basis points. Earnings per Share (EPS) for FY11 worked out to Rs. 4.92 as compared to Rs. 3.50 for the same period of last fiscal.


Commenting on the results Gautam Adani, Chairman, Mundra Port and SEZ, said, “We take pride that we have continuously delivered what we have promised. We are well on track to achieve our vision of emerging as India’s number one private port. With Mundra Port’s world class infrastructure, best operational practices,proactive and customer friendly management we are aiming at handling 200 MT ofcargo volumes by 2020,”


As expected, MPSEZcontinued to outperform other Indian ports. While all the major ports grew 2%in 2010-11, Mundra Port registered a whopping 30% jumpin cargo in the same period last year, boosted by higher bulk/containerbusiness.


The company has alsofurther improved its market share to over 8.40% in FY11, up by 1.70% in theprevious year. With the container business for the year also showing a growthof 33% as compared to corresponding period last year, the growth at Mundra seemsset to continue this fiscal, which augurs well for the company.


Elaborating on the annualresults B. Ravi, Chief Financial Officer, Mundra Port and SEZ further added,This is the highest ever profitability with a big milestone crossing 50 MMTPAin cargo - a land mark achievement. Hefurther added that “The performance of the company is in line with the budget.This indicates that the company would deliver on its promises in terms offuture volumes and profitability. The addition of the capacities at Mundra portas well as all other Ports like Goa, Hazira,and now Vizag apart from the operating port at Dahej is well on track.” Thiswould take the port handling capacities to 215 MMTPA by 2013, apart from theInternational Port Abbot Point capacity of 50 MMTPA.


Important Events:


• Mundra Port Wins Bid for Australia Coal Terminal for Australian $1.8 billion (USD $2 billion). The terminal is fully mechanized port which has capacity of handling 50 MMTPA and scope of addition upto 80 MMTPA.


• Mundra Port commissioned its state-of-the-art 60 MMTPA coal handling terminal. This fully mechanized facility is the World’s Largest Coal receiving terminal, which may be expanded to 100 MMTPA in the future.


• Mundra Port and Special Economic Zone won the rights to develop an coal import terminal at the Visakhapatnam port on the east coast of India.


• Mundra Port has crossed one million TEU's mark during the financial year and ended handling total 1.23 million TEUs.
(Source:http://en.portnews.ru)