Adani Ports and Special Economic Zone (APSEZ) has reported robust financial results for the first quarter of the current fiscal year. Here are the key highlights from Adani Ports' Q1 results:
- Net Profit: Adani Ports recorded an impressive 82% increase in net profit, reaching ₹2,114 crore in the first quarter. This substantial growth is compared to ₹1,165 crore in the same period of the previous fiscal year.
- Revenue: The Company’s revenue from operations for the quarter stood at ₹6,247.6 crore, reflecting a notable rise of 23.5% compared to ₹5,058 crore in the corresponding period of the previous year.
- EBITDA: Adani Ports' EBITDA (earnings before interest, taxes, depreciation, and amortization) saw significant growth, increasing by 80% year-on-year to ₹3,765 crore.
- Cargo Volumes: The Company achieved its highest-ever quarterly port cargo volumes at 101.4 million metric tonnes (MMT) in the first quarter, marking a 12% YoY increase. Domestic cargo volumes saw an 8% rise, outpacing India's cargo volume growth rate in the same period.
- Market Share: Adani Ports' market share increased by 200 basis points to 26% in the June quarter. Mundra, one of the company's ports, handled 1.72 million TEUs (Twenty-foot equivalent units), which was 12% higher than its closest competitor. Additionally, Krishnapatnam port handled 5 MMT of cargo volumes in all three months of the quarter.
- Operational Efficiency: The Company’s focus on improving operational efficiencies contributed to a domestic ports business EBITDA margin of 72% and a logistics business EBITDA margin of 28%. These margins are reported to be higher than those of listed peers in India.
- Cyclone Impact: Despite facing challenges from Cyclone Biparjoy, which adversely impacted over 50% of the company's total port capacity for about 6 days, Adani Ports managed to deliver strong quarterly operating performance.
- Newly Acquired Assets: Adani Ports' newly acquired assets, Haifa Port and Karaikal Port, have demonstrated positive growth, with monthly cargo volumes reaching the 1 MMT mark at both ports.
- Guidance: The Company remains confident in achieving its FY24 cargo volume guidance of 370-390 MMT, as it crossed 100 MMT in cargo volumes during the quarter.
Karan Adani, CEO and Whole Time Director of Adani Ports, highlighted the company's strong performance despite challenges and emphasized their focus on improving operational efficiencies and expanding their cargo volume. Adani Ports' ability to achieve growth across various metrics suggests a positive trajectory for the company in the coming quarters.