Adani Ports consolidated net profit jumps 68%

Adani Ports and Special Economic Zone: Adani Ports Q2 profit jumps 65.5% YoY to Rs 1,738 crore supported by lower tax cost. Revenue surges 33%. The company's consolidated profit increased by 65.5% YoY to Rs 1,738 crore for the quarter ended September FY23, supported by top line, operating income and lower tax cost. Revenue surged 33% YoY to Rs 5,211 crore for the quarter. Cargo for the quarter stood at 86.6 MMT, a 15% YoY growth.

Adani Ports and Special Economic Zone (Adani Ports) reported a strong set of quarterly numbers on a YoY basis. Its consolidated net profit for the September quarter jumped 68.5 percent YoY to Rs 1,677.48 crore.

Consolidated revenue from operations grew 32.8 percent to Rs 5,210.80 crore on the back of cargo volume growth.

Cargo volume was up 15 percent YoY to 86.6 MMT in July-September.

Nomura had said in its preview note, “2QFY23 volumes at 86.6mnt fell q-o-q (quarter-on-quarter) vs 1QFY23 volumes at around 91mnt likely on account of lower thermal coal imports”.

Revenue from the company’s Port and SEZ activities rose to Rs 4,609.29 crore in the September quarter from Rs 3,530.68 crore last year.

“H1 FY23 is a record half-year in APSEZ’s history, with the highest ever cargo volume, revenue and EBITDA. Extending this strong performance into October, APSEZ achieved 200 MMT of cargo through-put within seven months, another new milestone,” said Mr. Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.

Also read: Adani Ports Q2 Preview here

Adani Ports has a pan-India presence in 10 locations (nine are operational) with its flagship being Mundra Port, India’s largest commercial port, on the Gulf of Kutch.

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