Adani Ports and Special Economic Zone Ltd , part of the embattled Adani Group, posted a lower quarterly profit on Tuesday as forex losses soared, and said it would pay back about 13% of its outstanding debt next fiscal and halve its capital expenses.
A general view of a container terminal is seen at Mundra Port, one of the ports handled by India's Adani Ports and Special Economic Zone Ltd, in the western Indian state of Gujarat April 1, 2014. REUTERS/Amit Dave, part of the embattled Adani Group, posted a lower quarterly profit on Tuesday as forex losses soared, and said it would pay back about 13% of its outstanding debt next fiscal and halve its capital expenses.
The company, India's largest private port operator, is one of several Adani group companies caught in the eye of a storm since Jan. 24 when U.S.-based short-seller Hindenburg Research raised concerns on the conglomerate's debt levels and use of tax havens.Revenue from operations rose 17.5% to 47.86 billion rupees due to improved realisations, offsetting a drop in cargo volumes in Mundra, India's largest private port, and the Dhamra Port.
However, profit was hit by foreign exchange losses ballooning to 3.15 billion rupees from 127.5 million rupees a year ago, due to mark-to-market losses.
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