BackAdani Ports Q2 Results: Net profit rises 4.2% to ₹1,748 crore, revenue up 27% YoY
Adani Ports Q2 Results: The port major's revenue from operations in the second quarter of current fiscal stood at ₹6,646.6 crore, registering a growth of 27.6 per cent, compared to ₹5,210.8 crore in the year-ago period.
PremiumAdani Ports Q2 Results: Adani Ports and Special Economic Zone (APSEZ) Ltd announced its July-September quarter results for fiscal 2023-24 (Q2FY24) on Wednesday, November 9, reporting a rise of 4.2 per cent in net profit at ₹1,747.8 crore, compared to ₹1,677.5 crore in the corresponding period last year.
The port major's revenue from operations in the second quarter of current fiscal stood at ₹6,646.6 crore, registering a growth of 27.6 per cent, compared to ₹5,210.8 crore in the year-ago period.
On the operating front, Adani Port's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the September quarter came in ₹4,053.9 crore, marking a growth of 35 per cent, compared to ₹3,005.5 crore in the same period last year.
EBITDA margins in the quarter-under-review stood at 61 per cent, compared to 57.7 per cent in the corresponding period last year. On a year-to-date (YTD) basis (April – October 2023), APSEZ has handled 240 million metric tonnes (MMT) of total cargo, which is a good 18 per cent year-on-year (YoY) growth.
The total income in July-September 2023-24 increased to ₹6,951.86 crore from ₹5,648.91 crore in the year-ago quarter. Total expenses also increased to ₹4,477 crore from ₹3,751.54 crore in the year-ago quarter.
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The company recoded its highest ever six-month cargo volumes at 202.6 MMT in 1H FY24, reflecting a 14 per cent YoY jump. The growth was led by containers (+18 per cent), dry cargo (+10 per cent) and liquids (21 per cent).
The domestic cargo volumes of the company rose 13 per cent YoY to 98.12 MMT, while the total cargo volumes rose 17 per cent YoY to 101.22 MMT in the September quarter.
Mundra Port handled cargo volumes to the tune of 44.44 MMT in the September quarter, up 14 per cent YoY. The growth at Mundra was driven primarily by container cargo followed by crude gas and coal.
“APSEZ achieved another milestone by registering its highest ever half yearly revenue of ₹12,894 Crore, EBITDA of ₹7,429 Crore and cargo volumes of 203 MMT during H1 FY24. The splendid performance was on the back of a 14 per cent 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 per cent during H1 FY24." said Mr. Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.
The board appointed Rajkumar Beniwal, IAS, Vice Chairman and Chief Executive Officer, Gujarat Maritime Board as an Additional Director (non-executive, non-independent) of the company.
Shares of Adani Ports and SEZ were last trading 1.81 per cent lower at ₹803.70 apiece on the BSE.
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