Adani Ports Q1 Results: Net profit rises 82% to ₹2,114 crore, revenue up 23% YoY
2 min read 08 Aug 2023, 02:34 PM ISTAdani Ports Q1 Results: The port major's revenue from operations in the first quarter of current fiscal stood at ₹6,247.6 crore, registering a rise of 23.5 per cent, compared to ₹5,058 crore in the year-ago period.
PremiumAdani Ports Q1 Results: Adani Ports and Special Economic Zones announced its April-June quarter results for fiscal 2023-24 (Q1FY24) on August 8, reporting a rise of 82.6 per cent to ₹2,114.7 crore, compared to ₹1,158.3 crore in the corresponding period last year. The port major's revenue from operations in the first quarter of current fiscal stood at ₹6,247.6 crore, registering a rise of 23.5 per cent, compared to ₹5,058 crore in the year-ago period.
On the operating front, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the June quarter came in at ₹3,766 crore, reporting a growth of 80.2 per cent, compared to ₹2,089.3 crore in the same quarter last year. The EBITDA margin stood at 60.3 per cent, compared to 41.3 per cent in the year-ago period.
The company recorded its highest-ever quarterly port cargo volumes at 101.4 million metric tonnes (MMT) in the first quarter, reflecting a 12 per cent year-on-year jump. Adani Ports' domestic cargo volumes recorded an eight per cent increase, which is three times India’s cargo volume growth rate in the same period, said the port major in a regulatory filing to the stock exchanges.
The company's market share increased to 26 per cent in the June quarter, which is a rise of 200 bps. Mundra handled 1.72 mn TEUs (Twenty-foot equivalent unit) in the June quarter, 12 per cent higher than its closest competitor. Krishnapatnam port handled 5 MMT cargo volumes in all three months of the quarter.
For its guidance in FY24, Adani Ports said that its cargo volumes expected at 370-390 MMT resulting in a revenue of ₹24,000-25,000 crore and EBITDA of ₹14,500-15,000 crore. The total capex during the year is expected to be ₹4,000-4,500 crore.
The growth in cargo volume was led by containers (+15 per cent), dry cargo (+10 per cent), and liquids excluding crude (+7 per cent). The automobile segment, though a small proportion, saw a 54 per cent jump in volumes.
Karan Adani, CEO and Whole Time Director of Adani Ports said the company delivered its strongest ever quarterly operating performance , with highest ever quarterly cargo volumes, revenue, EBITDA and around 200bps jump in domestic market share.
This, he added, was despite over 50 per cent of the company’s total port capacity being adversely impacted for around 6 days due to the cyclone Biparjoy.
"Our continuous efforts on improving operational efficiencies have resulted in domestic ports business Ebitda margin of 72 per cent and logistics business Ebitda margin of 28 per cent, which is higher than the reported margins of listed peers from India,'' said Adani.
‘’Our newly acquired assets, Haifa Port and Karaikal Port, have ramped up well with monthly cargo volumes now touching 1 MMT mark at the two ports. With our cargo volumes crossing 100 MMT during the quarter, we are well on course to achieve our FY24 cargo volume guidance of 370-390 MMT." he added.
After declaring the Q1FY24 results, shares of Adani Ports were last trading 0.87 per cent lower at ₹784.75 apiece on the BSE.
