Adani Ports April-June net rises 80%; projects 17% rise in FY24 Ebitda

economictimes.indiatimes.com:

Adani Ports & SEZ (APSEZ) Tuesday posted an 80% rise in quarterly profit, on robust operations and a swing to a forex gain from a loss a year earlier. India's biggest operator of ports also gave guidance for an up to 15% rise in cargo tonnage, a 20% increase in revenue and a 17% rise in earnings before interest, tax depreciation and amortisation (Ebitda) for the current fiscal year ending March 31, 2024. APSEZ posted a net profit of Rs 2,119 crore in April-June quarter compared to Rs 1,177 crore a year earlier.

Revenue rose 24% to Rs 6,248 crore. Expenses narrowed 8% to Rs 4.065 crore primarily due to a swing from a Rs 1,201 crore forex loss the previous year to Rs 10 crore this year. Its net profit rose even though 50% of its total ports capacity was «adversely affected for around 6 days due to the Cyclone Biparjoy,» said CEO Karan Adani, referring to the powerful, tropical cyclone that swept western India, primarily Gujarat where its biggest port is located, in the second and third weeks of June.

“Our continuous efforts on improving operational efficiencies have resulted in domestic ports business Ebitda margin of 72% and logistics business Ebitda margin of 28%, which is higher than the reported margins of listed peers from India,” said Adani. “Our newly acquired assets, Haifa Port and Karaikal Port, have ramped up well with monthly cargo volumes now touching 1 million metric tons (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,” he added.