- Total income in July-September 2023-24 increased to Rs 6,951.86 crore
- Adani Port’s flagship port, Mundra, completed 25 years of successful operations, and recorded another milestone by becoming the first port in the country to handle cargo volumes over 16 MMT in a month
NE BUSINESS BUREAU
AHMEDABAD, NOV 9
Adani Ports and Special Economic Zone Ltd (APSEZ), on Thursday reported 1.37 per cent rise in consolidated net profit at Rs 1,761.63 crore for the quarter ended September 2023.
The company had logged a profit of Rs 1,737.81 crore in the year-ago period, APSEZ said in a release.
Total income in July-September 2023-24 increased to Rs 6,951.86 crore from Rs 5,648.91 crore in the year-ago quarter.
Total expenses also increased to Rs 4,477 crore from Rs 3,751.54 crore in the year-ago quarter.
The company in a statement said its EBITDA increased 49 per cent year-on-year to Rs 7,429 cror.
Adani Port’s flagship port, Mundra, completed 25 years of successful operations, and recorded another milestone by becoming the first port in the country to handle cargo volumes over 16 MMT in a month.
According to the statement, APSEZ’s domestic cargo volumes growth in H1 FY24 is over 2x India’s cargo volume growth rate.
Eight of our ports recorded their highest ever half-yearly cargo volumes in H1 FY24 Mundra, Tuna, Dighi (since the time of acquisition), Hazira, Ennore, Dhamra, Krishnapatnam (since the time of acquisition) and Gangavaram (since the time of acquisition), it added.
Was an absolute pleasure to meet with Vingroup Chairman Phạm Nhật Vượng and engage in discussions about potential opportunities between India and Vietnam. Truly inspired by the remarkable entrepreneurial journey of this visionary leader, from a instant noodle business to… pic.twitter.com/cOx5NDB6pe
— Gautam Adani (@gautam_adani) November 8, 2023
While APSEZ’s logistics rail volumes recorded a growth of 25 per cent Y-o-Y to 279,177 TEU ( twenty-foot equivalent unit), total warehousing capacity during H1 FY24 increased to 2.4 million square feet by addition of warehouses in Indore.
“With the commissioning of Samastipur and Darbangha agri silos by the end of FY24, the total silo capacity of APSEZ is likely to grow to 1.2 MMT,” it added.
APSEZ also said the company has concluded buy-back of two tranches of USD denominated bonds totalling USD 325 million, representing 50 per cent of the principal repayment due in July 2.
“Net debt to EBITDA for TTM Sep’23 improved to 2.8x versus 3.1x for full year ended Mar’23,” it added.
APSEZ, part of the globally diversified Adani Group, has grown from a port company to an integrated transport utility. It is a port developer and operator with six strategically located ports and terminals on the West coast and six ports and terminals on the East coast.
“APSEZ achieved another milestone by registering its highest ever half yearly revenue of Rs 12,894 Crore, EBITDA of Rs 7,429 Crore and cargo volumes of 203 MMT during H1 FY24. The splendid performance was on the back of a 14% YoY increase in cargo volume coupled with improving operational efficiencies at our ports, which has resulted in our domestic ports EBITDA improving by 220bps YoY to 72% during H1 FY24.” said Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.
Thrilled to share @CWITSrilanka's partnership with @DFCGov, securing $553 million for our Sri Lanka project. A game-changer for sustainable infrastructure, boosting Srilanka's economy, and fostering global cooperation. 🇱🇰🇺🇸🇮🇳 @USEmbSL @AdaniPorts pic.twitter.com/m9Wcd3DlXG
— Karan Adani (@AdaniKaran) November 8, 2023
Continuing with this record-breaking performance, in October, APSEZ reported a 48% jump in cargo volumes to reach its life-time high monthly volumes of 37 MMT. Our flagship port, Mundra, completed 25 years of successful operations, and recorded another milestone by becoming the first port in the country to handle cargo volumes over 16 MMT in a month. With a record YTD performance, APSEZ is comfortably placed to achieve its full year revenue and EBITDA guidance. APSEZ’s actions to drive its medium-to-long-term growth are progressing as per the plan. Our under-construction port in Sri Lanka has now received a funding commitment of USD 553Mn from the US International Development Finance Corporation (DFC). The expansion of our logistics business has also gathered momentum. During H1 FY24, APSEZ has added 11 rakes, Loni ICD, and warehouses at Mumbai and Indore to its portfolio. The improved utilizations of logistics assets have led to APSEZ recording its highest ever half-yearly rail and GPWIS volumes, with rail volumes growing at an impressive 25% YoY and GPWIS volumes growing at 42% YoY.” added Karan Adani.
It was truly an honour to meet His Majesty King of Bhutan Jigme Khesar Namgyel Wangchuck. It was nice to hear his vision of his Kingdom of Happiness. His thoughts on the aspirational Bhutan are indeed inspiring. We are excited to explore opportunities for the Adani Group to… pic.twitter.com/yt6aZNxI1D
— Gautam Adani (@gautam_adani) November 8, 2023
