Adani Ports Profit Falls 22% To Rs 1,033 Crore In March Quarter | Whuff News

Adani Ports and Special Economic Zone Limited (APSEZ) has reported a 21.78 percent decline in consolidated net profit to Rs 1,033 crore for the fourth quarter ended March 2022.

The country’s largest integrated logistics player had posted a consolidated net profit of Rs 1,321 crore in the corresponding period of the previous fiscal, according to a BSE filing late on Tuesday.

The company’s total consolidated income rose to Rs 4,417.87 crore for the fourth quarter of the last fiscal as against Rs 4,072.42 crore in the year-ago period.

Total expenditure also increased to Rs 3,309.18 crore in the last quarter under review as against Rs 2,526.91 crore in the same period last year.

APSEZ Chief Executive Officer and Whole Time Director Karan Adani said FY22 was an outstanding year for APSEZ, with various milestones for itself and new benchmarks for the Indian maritime industry.

According to a company statement, it recorded a cargo volume of 312 MMT with Mundra port alone handling 150 MMT, a feat never achieved by any other commercial port in the country.

The company also reported a 5 percent decline in consolidated net profit to Rs 5,048.74 crore in FY22 as against Rs 4,795.24 crore in FY21.

In 2021-22, consolidated revenue (excluding Gangavaram) rose 27 per cent to Rs 15,934 crore on the back of overall growth registered by three key business segments — ports, logistics and SEZs.

The statement said cargo volume growth in 2021-22 was led by dry cargo (42 percent increase), followed by containers (14 percent) and liquids (19 percent).

Adani Logistics Ltd (ALL), recorded 29 percent growth in rail volume to 403,737 TEUs and 19 percent growth in terminal volume to 301,483 TEUs.

According to the statement, the acquisition in FY22 implies an investment of around Rs 11,400 crore for APSEZ and managed together with an organic budget of around Rs 3,750 crore.

“We continue our journey to become the largest transport utility in India with the achievement of various milestones by our logistics business.

“This includes investment in around 100 trains, eight MMLPs in operation and a total grain silo capacity of around 1.2 MMT, all by FY23,” the statement said.

During 2021-22, APSEZ concluded two highly strategic partnerships to ensure sustainable business growth.

“The first is a JV with John Keells Holdings & Sri Lanka Ports Authority for the construction of Colombo West International Terminal-II; and the second is a partnership with Flipkart for the construction of a 534,000 sq ft fulfillment center at the upcoming logistics hub in Mumbai,” the statement said that.

APSEZ through its subsidiary, The Adani Harbor Services Ltd (TAHSL), has acquired 100 percent stake in Ocean Sparkle Ltd (OSL).

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