Adani Ports SEZ Q2 profit slips 7% YoY on higher tax incidence

Adani Ports and Special Economic Zone on Monday posted 7.46 per cent year-on-year fall in profit at Rs 992 crore for the quarter ended September 30, 2017. It had posted a profit of Rs 1,072 crore in the corresponding quarter last year. ET Now poll had projected a net profit of Rs 870 crore in Q2FY18.
PAT figures came lower due to higher tax incidence to Rs 381 crore in Q2FY18 from Rs 82 crore in Q2FY17. Revenue from operations of the company increased by 24.55 per cent year-on-year  to Rs 2,706.11 crore in Q2FY18 over Rs 2,172.64 crore in Q2FY17.
Total expenditure of the company decreased to Rs 1,584.19 crore during the quarter under review against Rs 1,251.98 crore in the same period last year.
During the first half of FY18, the company generated free cash flows of Rs 690 crore and reduced net debt by Rs 737 crore. Net debt stood at Rs 17,864 crore as of September 30, 2017.
Net Debt to ebitda now stands at 2.64 times compared with 3.27 times as of FY17.