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regular-article-logo Friday, 19 April 2024

Adani Ports and Special Economic Zone Q2 profit rises 1.37 per cent to Rs 1,762 crore

The company had logged a profit of Rs 1,737.81 crore in the year-ago period, APSEZ said in a filing to BSE

PTI New Delhi Published 09.11.23, 02:37 PM
Representational image.

Representational image. File

Adani Ports and Special Economic Zone (APSEZ) on Thursday reported 1.37 per cent rise in consolidated net profit at Rs 1,761.63 crore for the quarter ended September 2023.

The company had logged a profit of Rs 1,737.81 crore in the year-ago period, APSEZ said in a filing to BSE.

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Total income in July-September 2023-24 increased to Rs 6,951.86 crore from Rs 5,648.91 crore in the year-ago quarter.

Total expenses also increased to Rs 4,477 crore from Rs 3,751.54 crore in the year-ago quarter.

The company in a statement said its EBITDA increased 49 per cent year-on-year to Rs 7,429 crore.

APSEZ CEO and whole time director Karan Adani said ,"the company achieved another milestone by registering its highest ever half-yearly revenue of Rs 12,894 crore, EBITDA of Rs 7,429 crore and cargo volumes of 203 MMT ( million metric tonne) during H1 FY24." Adani Port's flagship port, Mundra, completed 25 years of successful operations, and recorded another milestone by becoming the first port in the country to handle cargo volumes over 16 MMT in a month.

According to the statement, APSEZ’s domestic cargo volumes growth in H1 FY24 is over 2x India’s cargo volume growth rate.

Eight of our ports recorded their highest ever half-yearly cargo volumes in H1 FY24 – Mundra, Tuna, Dighi (since the time of acquisition), Hazira, Ennore, Dhamra, Krishnapatnam (since the time of acquisition) and Gangavaram (since the time of acquisition), it added.

While APSEZ's logistics rail volumes recorded a growth of 25 per cent Y-o-Y to 279,177 TEU ( twenty-foot equivalent unit), total warehousing capacity during H1 FY24 increased to 2.4 million square feet by addition of warehouses in Indore.

"With the commissioning of Samastipur and Darbangha agri silos by the end of FY24, the total silo capacity of APSEZ is likely to grow to 1.2 MMT," it added.

APSEZ also said the company has concluded buy-back of two tranches of USD denominated bonds totalling USD 325 million, representing 50 per cent of the principal repayment due in July 2.

"Net debt to EBITDA for TTM Sep’23 improved to 2.8x versus 3.1x for full year ended Mar’23," it added.

APSEZ, part of the globally diversified Adani Group, has grown from a port company to an integrated transport utility. It is a port developer and operator with six strategically located ports and terminals on the West coast and six ports and terminals on the East coast.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.

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