Adani Ports & Special Economic Zone Ltd (Adani Ports) on Thursday reported a 67.87 per cent year-on-year (YoY) rise in net profit at Rs 2,208.41 crore for the December quarter compared with Rs 1,315.54 crore in the same quarter last year.
The consolidated revenue from operations jumped 44.58 per cent to Rs 6,920.10 crore compared with Rs 4,786.17 crore in the corresponding quarter last year. Ebitda for the quarter climbed 59 per cent YoY to Rs 4,293 crore while net debt-to-Ebitda for the trailing 12-month ended December 31 stood at the guided level of 2.5 times against 3.1 times in FY23.
Adani Ports said the increase in cargo volume during the quarter led to revenue growth . It said the domestic port Ebitda margin expanded 170 basis points. That, along with improved efficiencies and capacity utilisation, led to surge in Ebitda. Healthy cargo volume growth led to record PAT, it said.
Adani Ports said its volume for the quarter grew 44 per cent YoY to 108.6 mmt and this was its highest-ever quarterly cargo volume. Mundra, Adani’s flagship port, recorded highest-ever monthly volume at any Indian port in October & AICTPL (CT-3) recorded India’s highest monthly container volume in November 2023.
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“In the year when our first port, Mundra, completed 25 years of operation, APSEZ recorded its strongest ever Q3 and 9M performance with the highest ever revenue, Ebitda, and cargo volumes, and is on course to overachieve its full year guidance provided at the start of the year. This is a testament to our continuous efforts to drive
operating efficiencies and remain an industry leading port operator,” said CEO Ashwani Gupta.
Adani Ports said it achieved a key milestone of 300 mmt in 266 days against 329 days in FY23. Overall, it cargo volume stood at 311 mmt in the first nine months of the financial year, up 23 per cent YoY. The domestic cargo growth was over 2.5 times India’s growth rate, with nine of our domestic ports/terminals recording their highest ever cargo volumes in the first nine months, the Adani group firm said in a BSE filing.
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In a knee-jerk reaction to the results, shares of Adani Ports jumped rose 1.8 per cent to Rs 1,229.30 level on BSE. The stock was trading in the red earlier.
