Adani Ports Q1 profit rises 80 per cent to Rs 2,119.38 crore

New Delhi: Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday posted over 80 per cent rise in its consolidated net profit to Rs 2,119.38 crore in the April-June quarter on account of higher income. It had reported a net profit of Rs 1,177.46 crore in the April-June period of 2022-23, the company said in a filing.

The company's total income surged to Rs 6,631.23 crore in the quarter under review from Rs 5,526.19 crore in the year-ago quarter. Expenses declined to Rs 4,065.24 crore in the period from Rs 4,438.32 crore a year ago.

In a separate statement, Adani Ports & SEZ CEO Karan Adani said, "APSEZ delivered its strongest ever quarterly operating performance during Q1 FY24, with highest ever quarterly cargo volumes, revenue, EBITDA and around 200 bps jump in domestic market share, despite over 50 per cent of the total port capacity being impacted for around six days due to the cyclone Biparjoy."

Adani said the newly acquired assets of Haifa Port and Karaikal Port have ramped up well with monthly cargo volumes now touching 1 MMT (million metric tonne) mark at the two ports. "With our cargo volumes crossing 100 MMT during the quarter, the company is on course to achieve our FY24 cargo volume guidance of 370-390 MMT. The company is eyeing a revenue of Rs 24,000-25,000 crore and EBITDA of Rs 14,500-15,000 crore in FY24. Total capex during the year is expected to be Rs 4,000-4,500 crore, the company statement said.

APSEZ is the largest commercial ports operator in India accounting for nearly one-fourth of the cargo movement in the country. It is present across 13 domestic ports in seven maritime states of Gujarat, Maharashtra, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.