India’s Mumbai (Maharashtra), August 9 (ANI): Adani Ports and Special Economic Zone Ltd., a member of the Adani group, announced on Tuesday that its consolidated net profit for the three months ended in June 2023 was Rs 2,114.72 crore, an increase of 83% over the Rs 1,158.28 crore reported for the same period in 2018.
According to a press release from the company, operating revenue increased 23.51 percent year over year (YoY) to Rs 6,247.55 crore in the June quarter from Rs 5,058.09 crore in the same period last year.
The business reported port cargo volumes at 101.4 MMT in the first quarter, which is its highest-ever quarterly port cargo volumes and reflects a 12% YoY growth, the statement said, adding that EBITDA for the period climbed 80% YoY to Rs 3,765 crore.
Karan Adani, CEO and Whole-Time Director of Adani Ports and Special Economic Zone, was quoted in the statement as saying, “APSEZ delivered its strongest ever quarterly operating performance during Q1 FY24, with highest ever quarterly cargo volumes, revenue, EBITDA, and around 200bps jump in domestic market share, despite over 50% of the company’s total port capacity being adversely impacted for around 6 days due to the cyclone Biparjoy.
Domestic ports business EBITDA margin of 72% and logistics business EBITDA margin of 28%, which are greater than the stated margins of listed rivals from India, are the results of our ongoing efforts to improve operational efficiencies. Haifa Port and Karaikal Port, two of our recently purchased properties, have ramped up successfully, with monthly cargo volumes at the two ports currently surpassing 1 MMT. We are on track to meet our FY24 cargo volume projection of 370-390 MMT because our cargo volumes crossed 100 MMT during the quarter, added Karan Adani.
Domestic cargo volumes at APSEZ increased by 8% year over year, which is three times faster than cargo volume growth throughout India during the same period.
According to the company’s announcement, its market share in India climbed by 200 bps to 26% in Q1 FY24. (ANI)
