Adani Ports Q3 Profit Surges 68% to Rs 2,208 Crore; Sales Up 46% – Key Highlights

In Adani Ports’ Q3 results, there was a significant surge in consolidated revenue from operations. The revenue increased by 44.58%, reaching Rs 6,920.10 crore as compared to Rs 4,786.17 crore in the same quarter of the previous year.

Adani Ports & Special Economic Zone Ltd (Adani Ports) reported a robust performance in the December quarter with a 67.87% YoY rise in net profit, reaching Rs 2,208.41 crore compared to Rs 1,315.54 crore in the same quarter the previous year. The company’s consolidated revenue from operations also witnessed a significant surge, increasing by 44.58% to Rs 6,920.10 crore from Rs 4,786.17 crore in the corresponding quarter last year.

The EBITDA for the quarter showed a notable 59% YoY climb, reaching Rs 4,293 crore. Additionally, the net debt-to-EBITDA for the trailing 12 months ending December 31 met the guided level of 2.5 times, down from 3.1 times in FY23, indicating improved financial leverage for the company.

Adani Ports attributed its revenue growth in the quarter to the rise in cargo volume. The company noted a 170 basis points expansion in the domestic port Ebitda margin. This, combined with enhanced efficiencies and increased capacity utilization, contributed to a significant surge in Ebitda.

The robust growth in cargo volume played a pivotal role in achieving a record Profit After Tax (PAT) for the company during the quarter.

Adani Ports reported a remarkable 44% YoY growth in volume for the quarter, reaching 108.6 million metric tonnes (mmt). This marks the company’s highest-ever quarterly cargo volume. Mundra, Adani’s flagship port, achieved its highest-ever monthly volume for any Indian port in October. Additionally, AICTPL (CT-3) set a record for India’s highest monthly container volume in November 2023.

APSEZ achieved its strongest-ever Q3 and 9M performance, marked by record-breaking revenue, EBITDA, and cargo volumes. Celebrating Mundra’s 25 years of operation, the port operator is poised to exceed its full-year guidance, showcasing the company’s commitment to operational efficiencies and its leading position in the industry, according to CEO Ashwani Gupta.

Adani Ports announced a significant achievement, reaching the milestone of 300 million metric tonnes (mmt) in just 266 days, compared to 329 days in FY23. The overall cargo volume for the first nine months of the financial year stood at 311 mmt, reflecting a notable 23% YoY increase. The domestic cargo growth surpassed India’s growth rate, exceeding 2.5 times.

Additionally, nine of Adani Ports’ domestic ports/terminals recorded their highest-ever cargo volumes during the initial nine months of the fiscal year. This underscores the robust performance and efficiency of the Adani group in the maritime and port operations sector.

In an immediate response to the positive results, shares of Adani Ports experienced a sharp upward movement, rising by 1.8% to reach Rs 1,229.30 on the BSE.

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