Adani Ports’ Q2 net profit rose by 68.5% to ₹1,677 cr | Whuff News

Adani Ports and Special Economic Zones (APSEZ) on Tuesday reported a 68.5 percent rise in combined oil net profit to 1,677.48 crore for the September quarter. This is in contrast to the net profit of 995.34 during the last year, the company said in a regulatory filing.

Revenue from operations increased by 33 percent to 5,210.8 crore in the quarter under review from 3922.85 crore a year ago.

Adani Port cargo volumes increased 15 percent YoY to 86.6 MMT in July-September, and EBITDA recorded a 31% YoY increase to 3,260 crore.

“H1 FY23 was a record half-year in the history of APSEZ, with the highest cargo volume, revenue and EBITDA. Extending this strong performance through October, APSEZ achieved 200 MMT of cargo shipment in seven months, another new milestone,” said Karan Adani, Chief Executive Officer, Adani Ports and Special Economic Zones (APSEZ).

Revenue from the company’s Port and SEZ activities increased to 4,609.29 crore in the September quarter from 3,530.68 crore last year.

In the first half of the financial year, the company’s record cargo volumes resulted in a 24% YoY jump in Port EBITDA, while the EBITDA of the logistics business jumped 57% YoY. Logistics segment margin expansion continued with a jump of 470 basis points YoY due to better asset utilization and increased share of GPWIS revenue streams.

Growth in cargo volume was led by dry cargo (+18% increase) and containers (+5%). The car segment, though a small part of the total, saw a 35% jump in volume.

Adani Ports is part of the oil-to-coal mining conglomerate Adani Group, run by Asia’s richest man Gautam Adani. Adani’s Ports portfolio now includes 12 ports across the country with the acquisition of Gangavaram Port in the southern Indian state of Andhra Pradesh.

The company said it is on track to achieve its full-year guidance of 350-360 MMT of cargo volume.

The company’s scrip on the BSE closed trading 2.27 percent higher on 841.75.

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