Adani Ports and Special Economic Zone Limited (APSEZ), India's largest port developer and the logistics arm of Adani Group, saw a 13.65 per cent fall in net profit at Rs 710.25 crore for the first quarter ended June on account of higher tax. The company had clocked a net profit of Rs 822.57 crore in the corresponding period of last fiscal, it said in a BSE filing.
Its total income rose to Rs 2,959.63 crore during the quarter under review as against Rs 2,085.14 crore in the corresponding quarter a year ago. The total expenses of the company rose to Rs 1,867.43 crore in the April-June quarter of the current fiscal as against Rs 1,206.40 crore in the year-ago quarter. The Profit after Tax is lower due to higher tax incidence at Mundra which is now out of tax holiday period, the company said adding, however, from a tax cash flow angle, there is no change (impact) as MAT credit of earlier years is available to the tune of Rs 2,700 crore, the company said in a statement.
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