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Business News/ Companies / Company Results/  Adani Ports Q3FY24 Results: Net profit jumps 65% YoY to 2,208 crore, revenue improves 44% YoY
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Adani Ports Q3FY24 Results: Net profit jumps 65% YoY to ₹2,208 crore, revenue improves 44% YoY

Adani Ports posted a 65% improvement in its consolidated net profit to ₹2,208 crore in Q3FY24 as compared to ₹1,336.51 crore net profit posted in the same period last year. Looking sequentially, the consolidated net profit surged by 25.35%.

During the quarter, the company achieved its highest-ever quarterly cargo volume of 108.6 MMT. (Bloomberg)Premium
During the quarter, the company achieved its highest-ever quarterly cargo volume of 108.6 MMT. (Bloomberg)

Adani Ports & Special Economic Zone today announced its financial results for the quarter and nine months ending December 31, 2023, posting a 65% improvement in its consolidated net profit at 2,208 crore in Q3FY24 as compared to a net profit of 1,336.51 crore posted in the same period last year. Looking sequentially, the consolidated net profit surged by 25.35%. For 9MFY24, the consolidated net profit rose by 43% to 4,252 crore. 

The company's consolidated revenue from operations surged to 6,920.10 crore in Q3 from 4,786.17 crore in the year-ago quarter, which is an increase of 44.58% YoY. The EBITDA improved by 59% YoY to 4,293 crore, while the 9MFY24 EBITDA jumped to 11,722 crore from 7,676 crore in 9MFY23, which is an increase of 53%.

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During the quarter, the company achieved its highest-ever quarterly cargo volume of 108.6 MMT. Mundra, its flagship port, recorded the highest-ever monthly volume at any Indian port in October 23, & AICTPL (CT-3) recorded India’s highest monthly container volume in November 2023, as highlighted by the company in its earnings report.

The company said its domestic cargo growth was over 2.5x India’s growth rate, with nine of its domestic ports and terminals recording their highest-ever cargo volumes in 9MFY24.

Quarterly rail volumes grew 17% YoY to 157,904 TEUs, and GPWIS volumes jumped 53% Y-o-Y to 5.29 MMT. APSEZ recorded its highest-ever rail (+22%) and GPWIS (+46%) volumes. in 9MFY24. 

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Commenting on the Q3 performance, Mr. Ashwani Gupta, CEO, of APSEZ, said," 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."

Meanwhile, the company shares are trading with a 1.30% gain at 1,222 apiece as of 01:30 p.m.

Disclaimer: We advise investors to check with certified experts before taking any investment decisions.

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Published: 01 Feb 2024, 01:06 PM IST
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