Adani Ports Q1FY24 net profit up 80%

Adani Ports and Special Economic Zone (APSEZ) reported a 24 percent increase in revenue at Rs 6,248 crore on 12 percent increase in cargo handled at 101.4 million tonnes during the first quarter of financial year 2023-24.

Net profit for the first quarter of FY2024 increased 80 percent to Rs 2,199 crore from Rs 1,177 crore in Q1FY2023, says an official release.

"APSEZ delivered its strongest ever quarterly operating performance during Q1FY24, with highest ever quarterly cargo volumes, revenue, EBITDA and around 200 bps jump in domestic market share despite over 50 percent of the company’s total port capacity being adversely impacted for around six days due to the cyclone Biporjoy," says Karan Adani, CEO and Whole Time Director, APSEZ. "Our continuous efforts on improving operational efficiencies have resulted in domestic ports business EBITDA margin of 72 percent and logistics business EBITDA margin of 28 percent, which is higher than the reported margins of listed peers from India. Our newly acquired assets, Haifa Port and Karaikal Port, have ramped up well with monthly cargo volumes now touching the one million tonnes mark at the two ports. With our cargo volumes crossing 100 million tonnes during the quarter, we are well on course to achieve our FY24 cargo volume guidance of 370-390 million tonnes.”

Operational milestones
*APSEZ’s domestic cargo volumes recorded 8% YoY increase, which is ~3x India’s cargo volume growth rate in the same period (Growth in cargo volume was led by containers (+15 percent), dry cargo (+10 percent) and liquids excl. crude (+7 percent). The automobile segment, though a small proportion of overall volumes, saw a 54 percent jump.)

*Mundra handled 1.72 million TEUs, which is 12 percent higher than its closest competitor

*Krishnapatnam Port recorded strong volumes by handling five million tonnes cargo volumes in all the three months of the quarter

"With industry leading average turnaround time (TAT) for ships at ~0.7 days, APSEZ has been a benchmark for other Indian ports and has driven the improvement in the TAT of major ports from ~5 days in 2011 to ~2 days currently," says the release.

Full year revenue is likely to be Rs 24,000-25,000 crore, EBITDA of Rs 14,500-15,000 crore, and capital expenditure to be Rs 4,000-4,500 crore.