New Delhi: Adani Ports and Special Economic Zone (Adani Ports) announced impressive quarterly results when compared year over year. Its quarterly net profit, when combined, increased 68.5 percent year over year to Rs 1,677.48 crore.
Due to an increase in cargo volume, overall operating revenue increased 32.8 percent to Rs 5,210.80 crore. In the months of July through September, cargo volume increased by 15% YoY to 86.6 MMT.
Nomura had said in its preview note, “2QFY23 volumes at 86.6mnt fell q-o-q (quarter-on-quarter) vs 1QFY23 volumes at around 91mnt likely on account of lower thermal coal imports”.
From Rs 3,530.68 crore in the same quarter previous year, revenue from the company’s port and SEZ operations increased to Rs 4,609.29 crore in the third quarter.
“H1 FY23 is a record half-year in APSEZ’s history, with the highest ever cargo volume, revenue and EBITDA. Extending this strong performance into October, APSEZ achieved 200 MMT of cargo through-put within seven months, another new milestone,” said Mr. Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.
The largest commercial port in India, Mundra Port, on the Gulf of Kutch, is the company’s flagship. Adani Ports has a presence across all of India in 10 locations, nine of which are active.