ET NOW’s poll of analysts had expected the profit figure at Rs 1,311 crore.
The company’s cargo volume increased 15% YoY to 86.6 MMT, and EBITDA registered a 31% YoY increase to Rs 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 delivery in seven months, another new milestone,” said Chief Executive Officer of Adani Ports and Special Economic Zones (APSEZ), Karan Adani.
He said the company is on track to achieve our full-year guidance of 350-360 MMT of cargo volume and EBITDA of Rs 12,200-12,600 crore.
In the first half of the current financial year, Adani Port’s 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 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.
The number of non-Mundra ports grew at 14% YoY while Mundra’s growth rate was 7.5%; non-Mundra ports contribute 54% to the cargo basket. Adani Logistics recorded 24% YoY growth in rail volumes and 43% YoY growth in terminal volumes.
The company’s SEZ business posted a decline of Rs 555 crore, which was factored into its full-year guidance for FY23.
On Gangavaram Port, it said: after NCLT approval, it is now fully integrated with APSEZ.