adani ports and sez q1 results: Adani APSEZ Q1 Results: Net profit falls on lower revenue | Whuff News

Adani Ports and SEZ Monday said its net profit fell 17% on the year as revenue fell slightly.

India’s largest port operator posted a net profit of Rs 1,092 crore for the April-June quarter against Rs 1,313 crore a year earlier.

Revenue was down 1% to Rs 4,368 crore.

“The slight decline in YoY revenue was in the SEZ business segment, and was factored into our annual guidance for FY23,” the company said in a statement.

Its operating profit, before taking into account the share of profit from joint ventures and associates fell 35% to Rs 925 crore.

The number of companies declined despite handling a record 91 million metric tons of cargo in the quarter, up 8% on the year.

“With APSEZ set to commission two new terminals in the coming months, this growth story will gain more momentum. The container terminal at Gangavaram Port will be operational next month, while the 5 MMT LNG terminal at Dhamra will be ready by the end of December. This LNG terminal has take-or-pay

contracts with several O&G majors,” the company said in a statement.

“The logistics business will also be boosted by the assets commissioned during the quarter. These include the MMLP at Taloja, three agri-silo storage terminals with a combined capacity of 0.15 Mn MMT (one each at Panipat, Kanoj and Dhamora,), warehousing capacity of 0.6 Mn sqft, two new railways under the GPWIS framework and 125 trailer trucks to provide long distance connectivity in three MMLPs (Patli, Nagpur and Kishangarh),” he added.

“Our strategy to connect port door to customer door through an integrated utility model is starting to pay off,” said CEO Karan Adani.

“We are confident of achieving our full year guidance of 350-360 MMT of cargo volume and EBITDA of Rs 12,200-12,600 Cr. APSEZ remains committed to its philosophy of ensuring sustainable growth in partnership with our key stakeholders.”

Growth in cargo volume was led by dry cargo (11.2% increase), followed by containers (3.2%), and liquids including crude (5.6%). The car segment, though a small part of the total, saw a 120% jump in volume.

Both Mundra and non-Mundra ports have similar growth rates, and non-Mundra ports contribute 53% to the cargo basket.

Mundra continued to be the largest container handling port with 1.65 Mn TEUs compared to 1.48 Mn TEUs handled by JNPT during the quarter. Mundra, crossed 50 MMT of cargo volume in the first 111 days of FY23.

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