Adani Ports Q3 net profit up 65%
For the first nine months of financial year 2024, profit was up 43 percent at Rs 6,089 crore
Adani Ports and Special Economic Zone (APSEZ) reported a 65 percent increase in net profit at Rs 2,208 crore for the third quarter ended December 31, 2023 compared to Rs 1,337 crore in Q3FY2023.
Revenue increased 45 percent to Rs 6,920 crore as volume handled was up 44 percent at 108.6 million tonnes, says an official release.
EBITDA was up 59 percent year-on-year to Rs 4,293 crore, and S&P Global Ratings upgraded the outlook of APSEZ to Stable from Negative, the release added.
For the first nine months of financial year 2024, profit was up 43 percent at Rs 6,089 crore and revenue increased 23 percent to Rs 19,814 crore.
“In the year when our first port, Mundra, completed 25 years of operation, APSEZ recorded its strongest ever Q3 and 9M performance with the highest ever revenue, EBITDA, and cargo volumes, and is on course to overachieve its full year guidance provided at the start of the year. This is a testament to our continuous efforts to drive operating efficiencies and remain an industry leading port operator,” says Ashwani Gupta, CEO, APSEZ.
Domestic cargo growth was over 2.5x India’s growth rate with nine of our domestic ports/terminals recording their highest ever cargo volumes in the first nine months. APSEZ signed a partnership with MSC for a joint venture to develop the Ennore Container Terminal.
APSEZ completed the acquisition of Karaikal Port and the sale of Myanmar assets during the third quarter, the release added.