2024-08-01 14:58:05
Adani Ports and SEZ Ltd (APSEZ) posted a 47 per cent rise in its consolidated net profit.
New Delhi:
Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday posted a 47 per cent rise in its consolidated net profit to Rs 3,107 crore in the June quarter of the current financial year on account of higher income.
It had reported a net profit of Rs 2,119 crore in the April-June period of FY24, the company said in a filing.
Total income surged to Rs 8,054.18 crore in the quarter under review from Rs 6,631.23 crore in the year-ago quarter.
Expenses rose to Rs 4,238.94 crore in the period from Rs 4,065.24 crore a year ago.
APSEZ Whole-time Director & CEO Ashwani Gupta said, “FY25 has begun on a strong note for us with a stellar performance on both financial and growth fronts.”
“On the financial front, we posted all-time high earnings. But for the temporary disruption in Gangavaram Port, which is now fully restored, our Q1 cargo volume would have been at 114.7 MMT, a 13 per cent increase,” he added In a statement, the company said during the quarter, APSEZ clocked 109 MMT (Million Metric Tonne) of cargo volume, registering an increase of 8 per cent year-on-year (YoY).
The growth was primarily driven by a YoY increase of 18 per cent in containers and 11 per cent in liquids and gas,” it added.
“We had a temporary disruption leading to a loss of 5.7 MMT at the Gangavaram Port, which is now fully restored,” the company said.
According to the company statement, Mundra Port handled the highest-ever quarterly volume by any Indian port (51 MMT).
While APSEZ’s revenue grew 21 per cent YoY to Rs 7,560 crore in Q1 FY25, its EBITDA (excluding forex) jumped 29 per cent to Rs 4,848 crore.
The statement said Domestic Ports contributed Rs 3,990 crore to EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and logistics contribution was at Rs 144 crore.
“Net debt to (Trailing Twelve Month) TTM EBITDA at quarter-end stood at 2.1x,” it added.
APSEZ said it has signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port, Tanzania. CT2, with four berths, has an annual cargo handling capacity of 1 million TEUs and managed 0.82 million TEUs of containers in 2023.
First mothership arrived at the Vizhinjam Port, India’s first transhipment port equipped with South Asia’s most advanced container handling technology, it added.
The company also said that its warehousing capacity increased to 2.9 million square feet (sq ft) with the addition of a warehouse in Palwal, reaching 2.4 million square feet by the end of FY24.
APSEZ is part of the globally diversified Adani Group, with a national footprint of 15 ports across India’s coastline and a presence in 4 ports outside India.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
Adani Ports & SEZ,Adani Ports & SEZ Q1 Net Profit
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