Adani Ports and SEZ (APSEZ) on Tuesday reported a 26% decline in its first quarter consolidated net profit to ₹758 crore from ₹1,029 crore in the year earlier period due to fall in topline and overall cargo volumes. Consolidated revenue declined 17% to ₹2,293 crore from ₹2,794 crore in the year earlier period. Cargo volumes during the quarter declined 27% to 41.41 MMT from 56.75 MMT. However, the company managed to handle more containerised cargo during the quarter, with its Mundra port surpassing JNPT in terms of container handling.
“It does feel great to surpass JNPT,” Karan Adani, CEO & wholetime director, APSEZ told The Hindu.
He said Mundra port handled 0.97 million TEUs in Q1 FY21 as compared to JNPT’s volume of 0.85 million TEUs.