Adani Port Q2 PAT up 65% | Whuff News


MUMBAI : Adani Ports and Special Economic Zone (APSEZ) recorded a 33% year-on-year increase in revenue to 5211 crore in Q2FY23 while EBITDA increased to 31% to 3260 crores. PAT jumped 65% to 1738 crore from the same period of FY22. Quarterly cargo volume jumped 15% on the year to 86.6 million tonnes.

The company said the record was set in the first half (Apr-Sep) of the current fiscal.

“H1 FY23 was a record half-year in the history of APSEZ, with the highest cargo volume, revenue and EBITDA,” said Karan Adani, Chief Executive Officer and Whole Time Director of Adani Ports and Special Economic Zones. “Continuing this strong performance into October, APSEZ achieved 200 MMT of cargo delivery within seven months, another new milestone.”

For H1 FY23, this record cargo volume resulted in a 24% YoY jump in Port EBITDA, while logistics business EBITDA jumped 57% YoY. Logistics segment margin expansion continued with a jump of 470 basis points YoY on the back of better asset utilization and increased share of GPWIS (general purpose wagon investment scheme) revenue stream, the company said after the results.

After approval from NCLT in October, Gangavaram Port Limited (GPL) is now fully integrated with APSEZ. The GPL acquisition costs approx 6,200 Cr (517 million shares @ 120/share), APSEZ said in an update at Gangavaram. The acquisition of 58.1% stake from DVS Raju & family was through a share swap arrangement which resulted in the issuance of around 47.7 million APSEZ shares to the erstwhile promoters of GPL.

Shares ended up 2.27% on 841.75 in the middle of the results. The stock has made a 52-week high 987.90 and a 52-week low of 652.05.

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