Adani Ports Q1FY24 results: Consolidated net profit up 80% to Rs 2,119 cr

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Adani Ports and Special Economic Zone Limited (APSEZ) on Tuesday posted 80 per cent rise in its consolidated net profit at Rs 2,119.38 crore during the April-June quarter, on account of higher income. It had reported Rs 1,177.46 crore net profit during the April-June period of the preceding 2022-23.


The net profit was 85.7 per cent higher as compared to Rs 1,140.97 crore in the quarter that ended on March 31. The company’s total income surged to Rs 6,631.23 crore from Rs 5,526.19 crore in the year-ago quarter.


Its expenses trimmed to Rs 4,065.24 crore from Rs 4,438.32 crore.


Adani Ports said the results were helped by Ebitda margins at its ports business expanding by 150 basis points to 72 per cent, mainly due to tariff hikes. 


“Our newly acquired assets, Haifa Port and Karaikal Port, have ramped up well with monthly cargo volumes now touching 1 MMT mark at the two ports. With our cargo volumes crossing 100 MMT during the quarter, we are well on course to achieve our FY24 cargo volume guidance of 370-390 MMT,” said Karan Adani, chief executive officer and whole time director of APSEZ.


The Adani group has been paying off loans it raised through pledged shares of Adani Ports since US short-seller Hindenberg Research raised concerns about the group’s debt levels and alleged irregularities, all of which the group has denied.


Adani Ports’ shares closed up nearly 1 per cent after the results, reversing from losses of about 3 per cent earlier in the session.


APSEZ is the largest commercial ports operator in India accounting for nearly one-fourth of the cargo movement in the country. It is present across 13 domestic ports in seven maritime states of Gujarat, Maharashtra, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.


(With agency inputs)