Adani Ports Q1 results: Profit surges 83 pc at Rs 2,114.72 crore

MUMBAI: Adani Ports and Special Economic Zone Ltd., a Adani group firm, on Tuesday reported a consolidated net profit of Rs 2,114.72 crore for the quarter ended June 2023, which is 83 per cent higher compared with Rs 1,158.28 crore in the same quarter last year.

Revenue from operations rose 23.51 per cent year-on-year (YoY) to Rs 6,247.55 crore in the June quarter compared with Rs 5,058.09 crore in the corresponding quarter last year, the company informed through a media release.

EBITDA for the quarter increased 80% YoY to Rs 3,765 crore, the statement said, adding that the company recorded port cargo volumes at 101.4 MMT in the first quarter, which is its highest-ever quarterly port cargo volumes, reflecting a 12% YoY jump.

"APSEZ delivered its strongest ever quarterly operating performance during Q1 FY24, with highest ever quarterly cargo volumes, revenue, EBITDA and around 200bps jump in domestic market share, despite over 50% of the company’s total port capacity being adversely impacted for around 6 days due to the cyclone Biparjoy" Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone, was quoted as saying in the statement.

"Our continuous efforts on improving operational efficiencies have resulted in domestic ports business EBITDA margin of 72% and logistics business EBITDAmargin of 28%, which is higher than the reported margins of listed peers from India. Our newly acquired assets, Haifa Port and Karaikal Port, have ramped up well with monthly cargo volumes now touching 1 MMT mark at the two ports. With our cargo volumes crossing 100 MMT during the quarter, we are well on course to achieve our FY24 cargo volume guidance of 370-390 MMT,” Karan Adani added.

APSEZ’s domestic cargo volumes recorded 8% Y-o-Y increase, which is 3x India’s cargo volume growth rate in the same period.

The company's market share in India increased to 26% in Q1 FY24, a jump of 200bps, the company added in the statement.