Adani Ports and Special Economic Zone announced a significant 82.57% increase in consolidated net profit for the quarter ending June 2023, totaling Rs 2,114.72 crore compared to Rs 1,158.28 crore in the same period last year.
The company’s revenue from operations also witnessed a notable climb of 23.51%, reaching Rs 6,247.55 crore from the previous year’s Rs 5,058.09 crore. This growth was attributed to the positive impact of additional revenue stemming from recent acquisitions.
Earlier this year, Adani Ports made a strategic move by acquiring the Haifa port in Israel for $1.2 billion. Notably, the Port of Haifa ranks as the second-largest port in Israel in terms of shipping containers and holds the leading position for shipping tourist cruise ships.
In terms of earnings before interest, taxes, depreciation, and amortization (EBITDA), the quarter observed an 80% YoY increase to Rs 3,765 crore, as indicated by the company’s official statement. The cargo volume experienced a growth of 12% YoY, exceeding 101 million metric tons, with container growth driving this momentum with a 15% increase.
Adani Ports noted a remarkable leap in its market share within India, advancing by approximately 200 basis points to reach 26%.
CEO and Whole Time Director of Adani Ports and Special Economic Zone, Karan Adani, highlighted the strong performance during Q1 FY24. Despite facing a setback due to the cyclone Biparjoy, impacting over 50% of the company’s port capacity for around 6 days, APSEZ achieved its highest-ever quarterly cargo volumes, revenue, EBITDA, and an increased domestic market share.
Domestic cargo volumes within APSEZ recorded an 8% YoY upswing, a growth rate three times that of India’s overall cargo volume expansion during the same period. Noteworthy accomplishments included Mundra handling 1.72 million TEUs (twenty-foot equivalent units) in Q1 FY24, marking a 12% increase compared to its closest competitor. Additionally, Krishnapatnam Port exhibited robust performance by managing 5 million metric tons of cargo throughout the quarter.
Karan Adani underscored the company’s continuous efforts toward enhancing operational efficiencies, leading to a domestic ports business EBITDA margin of 72% and a logistics business EBITDA margin of 28%. These margins notably surpass those reported by listed peers from India.
Adani emphasized the successful integration of newly acquired assets, Haifa Port and Karaikal Port, both reaching a monthly cargo volume milestone of 1 million metric tons at each port.
