Adani Ports clocks record net profit at Rs 3,107 crore in Q1, revenue up 21 pc

Ahmedabad, Aug 1 (IANS) Adani Ports and Special Economic Zone (APSEZ) on Thursday posted the highest-ever net profit at Rs 3,107 crore (up 47 per cent year-on-year) along with record EBITDA at Rs 4,848 crore for the quarter that ended June 30.

The Adani Group’s flagship company posted the highest-ever quarterly revenue at Rs 7,560 crore, a 21 per cent growth, as volume grew 8 per cent to 109 MT in the April-June quarter.

“FY25 has begun on a strong note for us with a stellar performance on both financial and growth fronts. On the financial front, we posted all-time high earnings. But for the temporary disruption in Gangavaram Port, which is now fully restored, our Q1 cargo volume would have been at 114.7 MMT, a 13 per cent increase,” said Ashwani Gupta, Whole-time Director and CEO, APSEZ.

“On the growth front, we won two new port concessions and a port O&M contract. We are proud that four of our ports featured in the World Bank’s Container Port Performance Index 2023,” Gupta added.

The cargo volume growth was primarily driven by containers (up 18 per cent YoY) and liquids and gas (up 11 per cent YoY).

The company had a temporary disruption leading to a loss of 5.7 MMT at the Gangavaram Port, which is now fully restored.

Mundra port handled the highest quarterly volume by any Indian port (51 MMT) in the quarter.

Mundra, Kattupalli, Hazira, and Krishnapatnam featured in the World Bank’s Container Port Performance Index 2023. The index benchmarks ports globally across multiple parameters, including productivity, efficiency and reliability.

Adani Ports signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port, Tanzania.

The quarter also saw the first mothership arriving at the Vizhinjam Port, India’s first trans-shipment port equipped with South Asia’s most advanced container handling technology.

Last month, ‘San Fernando’, a vessel of the world’s second-largest shipping company Maersk, arrived at the Vizhinjam Port with over 2,000 containers on it.

Vizhinjam Port is a perfect example of Prime Minister Narendra Modi’s triple focus — Ports for Prosperity, Ports for Progress and Ports for Productivity.

–IANS

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