The Business Bytes
TBB BUREAU
AHMEDABAD, AUG 8, 2023
Riding on higher income from operations, Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday posted over 80 per cent rise in its consolidated net profit to Rs 2,119.38 crore in the April-June quarter of the current financial year (Q1FY24) as against net profit of Rs 1,177.46 crore in the corresponding period in the previous fiscal, the company said in a filing.
The company’s total income surged to Rs 6,631.23 crore in Q1FY24 from Rs 5,526.19 crore in the year-ago quarter. Expenses declined to Rs 4,065.24 crore in the period under review from Rs 4,438.32 crore in the year-ago period.
”APSEZ delivered its strongest ever quarterly operating performance during Q1 FY24, with highest ever quarterly cargo volumes, revenue, EBITDA and around 200 bps jump in domestic market share, despite over 50 per cent of the total port capacity being impacted for around six days due to the cyclone Biparjoy,” said Karan Adani, CEO, Adani Ports & SEZ
”With our cargo volumes crossing 100 MMT million metric tonne) during the quarter, the company is on course to achieve our FY24 cargo volume guidance of 370-390 MMT,” he added.
APSEZ recorded its highest-ever quarterly port cargo volumes at 101.4 MMT in Q1 FY24, reflecting a healthy12 per cent Y-o-Y jump. Its domestic cargo volumes recorded 8 per cent Y-o-Y increase, which is three times India’s cargo volume growth rate in the same period. The company expects cargo volumes at 370-390 MMT in FY24.
With industry leading average turnaround time (TAT) for ships at 0.7 days, APSEZ has been a benchmark for other Indian ports and have driven the improvement in the TAT of major ports from 5 days in 2011 to 2 days currently.
The company is eyeing a revenue of Rs 24,000-25,000 crore and EBITDA of Rs 14,500-15,000 crore in FY24. Total capex during the year is expected to be Rs 4,000-4,500 crore, the company statement said.
APSEZ – with presence across 13 domestic ports in seven maritime states of Gujarat, Maharashtra, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha – is the largest commercial ports operator in India accounting for nearly one-fourth of the cargo movement in the country.
