Adani Ports Q1 Preview: Consol PAT may fall 6% YoY; FY24 guidance in focus

economictimes.indiatimes.com:

Adani Ports and Special Economic Zone is likely to report a drop in the profit for the quarter ended June, despite a growth in revenue, as the numbers will reflect the integration of the recently acquired Haifa port in Israel. Consolidated net profit is likely to fall 5.5% year-on-year (YoY) to Rs 1,929 crore, according to the average of estimates given by four brokerages. However, the revenue is set to increase by nearly 22% YoY to Rs 6,156 crore on the back of strong growth in volumes.

The Adani Group company is slated to release its numbers on Tuesday. In the provisional quarterly update shared last month, Adani Ports said that its total cargo volumes in the June quarter rose 11.5% on year to 101.4 million tonne, with growth across major ports and cargo segments. Container volumes grew 19% on year, liquids and gas volumes increased 8%, and dry bulk volumes rose 7%.

The company handled 32.8 million tonnes of cargo in June, and this included 1 million tonne at the recently acquired Haifa port in Israel. Dalal Street investors will closely track management comments on debt reduction and any change in the guidance for FY24. The company had guided for 370-390 million tonne of cargo across all ports in 2023-24 (April-March), translating to a revenue of Rs 24,000-25,000 crore.