Adani Ports profit rises 47% on income from divestment

economictimes.indiatimes.com:

Adani Ports and Special Economic Zones (APSEZ) reported a 47% increase in quarterly consolidated net profit on Thursday, boosted by a one-time income from divesting a stake in a container terminal subsidiary.

Net profit for the June quarter stood at ₹3,113 crore compared with ₹2,115 crore a year ago, the company said, adding that it completed the sale of a 49% equity stake in Adani Ennore Container Terminal, realising a gain of ₹603.27 crore.

Quarterly revenue from operations was up by 11% from a year ago to ₹6,956 crore.

“FY25 has begun on a strong note for us with stellar performance on both financial and growth fronts," chief executi ve Ashwani Gupta said in an earnings release.

APSEZ handled 109 million metric tonnes (MMT) of cargo in Q1, up 7.6% year-on-year but unchanged from the previous quarter. The company noted a loss of 5.7 MMT in cargo volume due to a disruption at Gangavaram Port.
During Q1, the firm continued to expand operations. It signed a 30-year concession agreement with the Tanzania Ports Authority to operate Container Terminal 2 (CT2) at Dar es Salaam Port.

APSEZ also obtained a letter of intent (LoI) for the development, operation and maintenance of berth No. 13 at Deendayal Port while also receiving an LoI for a five-year operation and maintenance contract for the container facility at Netaji Subhas Dock in Syama Prasad Mookerjee Port, Kolkata.