Adani Ports FY24 net profit jumps 50% to ₹8,104 crore

Adani Ports and Special Economic Zone (APSEZ) announced its results for the quarter and twelve months ending 31 March 2024 with FY 2024 net profit increasing 50 percent Y-o-Y to ₹8,104 crore.

Cargo handled by Adani Ports in the financial year increased 24 percent YoY to 420 million tonnes compared to 339 million tonnes in FY 2023.

Revenue of APSEZ grew by 28 percent Y-o-Y to reach record high of ₹26,711 crore while EBITDA jumped 44 percent Y-o-Y to ₹15,751 crore.

For Q4 2024, APSEZ handled ₹108 million tonnes of cargo (26 percent YoY growth) with revenue of ₹6,897 crore (19 percent YoY growth), EBITDA ₹4,029 crore (23 percent YoY growth) and PAT ₹2,015 core (77 percent YoY growth).

“FY24 has been a year of many new milestones for APSEZ on both operational and financial metrics. APSEZ outperformed its upper end of guidance provided at the beginning of the financial year on cargo, revenue, and EBITDA by 6-8 percent, while closing the year with net debt to EBITDA ratio of 2.3x vs its guidance of 2.5x. Clearly, the company’s business model of end-to-end service, strategic partnership with key customers, leveraging the network effect through its string of ports, and focus on operational efficiencies is yielding results, said Ashwani Gupta, whole-time director & CEO, APSEZ.

“With incremental cargo volumes of 100 MMT achieved in less than two years, APSEZ is well poised to achieve 500 MMT of cargo volumes in 2025, aided by recently acquired Gopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and WCT next year. We continue to invest heavily in the business to drive growth, particularly in the logistics segment. Our newly launched trucking segment enables APSEZ to provide the last-mile connectivity solution to its customers. Our efforts towards sustainable business growth are well recognized in the top decile ESG rating from four global rating agencies.” added Mr. Gupta.