Adani Ports Reports Stellar Q3 Performance: Net Profit Surges 65%

1 Feb 2024 , 01:51 PM

Adani Ports reported robust Q3 earnings with a consolidated net profit surging 65% YoY to ₹2,210 crore.

Revenue also saw a significant YoY increase of 47%, reaching ₹7,426 crore, driven by a rise in cargo volumes.

The operating profit growth is attributed to improved efficiencies and capacity utilization.

The consolidated net profit exceeded estimates, expected to jump 61% YoY to ₹2,123 crore, while revenue was seen rising 44% YoY to ₹6,913 crore.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) surged 33% YoY to ₹4,292 crore.

Margins expanded to 62%, up from 56% reported in the year-ago quarter. Operationally, Adani Ports achieved its highest-ever quarterly cargo volume of 108.6 MMT.

Mundra, its flagship port, recorded the highest-ever monthly volume at any Indian port on October 23. The overall cargo volume for the nine months ended December was 311 MMT, up 23% YoY.

Adani Ports holds a more than 24% market share in the cargo handling sector, operating across 14 ports in India.

The firm completed a bond buy-back of $325 million during the 9MFY24 period, improving net debt to EBITDA to 2.5x against 3.1x for FY23.

Adani Ports shares were trading 1.6% higher at ₹1,227.25 on the NSE at around 1:22 pm, having rallied over 147% in the last year, outperforming the benchmark Nifty 50.
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