Adani Ports clocks 83% growth in June quarter net profit

9 Aug 2023 , 12:11 PM

Adani Ports and Special Economic Zone announced its results for the June quarter and reported an 82.57% increase in consolidated net profit to Rs 2,114.72 crore, up from Rs 1,158.28 crore in the previous corresponding quarter.

Revenue from operations increased by 23.51% to Rs 6,247.55 crore from Rs 5,058.09 crore in the same period of the previous year. Additional revenue generated by new purchases boosted the company’s bottom line.

Adani Ports paid $1.2 billion earlier this year to acquire Israel’s Haifa port. The Port of Haifa is positioned as the second-largest port in terms of shipping in containers in India and the largest in terms of shipping tourist cruise ships.

EBITDA climbed by 80% year-on-year to Rs 3,765 crore, according to a business release. Cargo volume increased by 12% year-on-year to more than 101 MMT, with containers increasing by 15%.

Domestic cargo volumes at APSEZ increased by 8% year-on-year, which is three times the pace of cargo volume growth throughout India during the same period. Mundra handled 1.72 million TEUs (twenty-foot equivalent units) in Q1 FY24, 12% higher than its next competitor. Krishnapatnam Port handled 5 MMT of cargo in all three months of the quarter, resulting in robust volumes.

At around 12.04 PM, Adani Ports was trading 0.50% higher at Rs 788.15, against the previous close of Rs 784.20 on NSE. The counter touched an intraday high of Rs 806.85.

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