Profits Up 65% On Strong Volume Growth | Whuff News

Second quarter profit of Adani Ports and Special Economic Zones Ltd. increased helped by strong volume growth.

Net profit of India’s largest private port operator rose 65% year-on-year to Rs 1,738 crore in the quarter ended September, according to its exchange filing. That compares with the Rs 1,311 crore consensus estimate of analysts tracked by Bloomberg.

The company’s cargo volume increased 15% year-on-year to 86.6 million metric tons in the quarter.

The fall in the value of the rupee dragged down the profits of Adani Group’s flagship company. Foreign exchange loss during the quarter stood at Rs 369.7 crore, compared to a gain of Rs 53.21 crore in the comparable period.

Adani Port Highlights Q2 FY23 (YoY)

  • Revenue rose 33% to Rs 5,211 crore, against estimates of Rs 4670.6 crore

  • Ebitda rose 31% to Rs 3,260 crore, excluding forex MTM losses/gains. It compares with a forecast of Rs 2,699.3 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 Karan Adani, chief executive of Adani Ports, in a press release.

Adani Ports shares ended 2% higher before the results were announced, compared to a 0.7% rise in the benchmark Nifty 50.

Disclaimer: Adani Enterprises is in the process of acquiring 49% stake in Quintillion Business Media Ltd., owner of BQ Prime.

Source link