- It had clocked Rs 1,177.46 crore net profit during the April-June period of the preceding 2022-23 fiscal
- Revenue for the quarter increased by 24% Y-o-Y to Rs 6,248 Cr
- EBITDA for the quarter increased by 80% Y-o-Y to Rs 3,765 Cr
- Cargo volume growth of 12% Y-o-Y to over 101 MMT, supported by containers growth of 15%
- APSEZ’s market share in India jumps around 200bps to 26%
NE BUSINESS BUREAU
AHMEDABAD, AUG 9
Adani Ports and Special Economic Zone Limited (APSEZ) on Tuesday posted over 80 per cent rise in its consolidated net profit at Rs 2,119.38 crore during the April-June quarter, on account of higher income.
It had clocked Rs 1,177.46 crore net profit during the April-June period of the preceding 2022-23 fiscal, the company said in a release.
The company’s total income surged to Rs 6,631.23 crore from Rs 5,526.19 crore in the year-ago quarter.
Expenses trimmed to Rs 4,065.24 crore from Rs 4,438.32 crore.
APSEZ recorded its highest-ever quarterly port cargo volumes at 101.4 MMT in Q1 FY24, reflecting 12 percent YoY jump. APSEZ’s domestic cargo volumes recorded 8 percent YoY increase, which is approximately 3x India’s cargo volume growth rate in the same period. APSEZ’s market share in India increased to 26 percent in Q1 FY24, a jump of 200bps. Mundra handled 1.72 million TEUs in Q1 FY24, which is 12 percent higher than its closest competitor. Krishnapatnam Port recorded strong volumes by handling 5 MMT cargo volumes in all the three months of the quarter.
(Amounts in Rs Cr)
| Particulars | Q1 FY24 | Q1 FY23 | Y-o-Y Change |
| Cargo (MMT) | 101.4 | 90.9 | 12% |
| Revenue | 6,248 | 5,058 | 24% |
| EBITDA# | 3,765 | 2,089 | 80% |
| PAT | 2,119 | 1,177 | 80% |
# EBITDA includes the impact of forex mark-to-market gain or loss. In Q1 FY24, forex gain is Rs 10.93 Cr and in Q1 FY23, forex loss is Rs 1201.14 Cr.
“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, said Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.
“Our continuous efforts on improving operational efficiencies have resulted in domestic ports business EBITDA margin of 72% and logistics business EBITDA margin 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,” added Karan Adani.
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.
