Adani Ports Q1 results: Net profit rises by 80% YoY to Rs 2119 crore, revenue up by 24%

Adani Ports & Special Economic Zone announces its June quarter report today, the company’s revenue from operation grew by 24%, climbing from Rs 5058 crore to Rs 6248 crore.  

The operating profit also demonstrated strong advancement, reaching Rs 3754 crore, compared to Rs 3290 crore in the corresponding quarter of the previous year. This signifies an increase in the operating profit margin, which now stands at 60%, a substantial rise from the previous 41%. 

Moreover, the company’s net profit saw a remarkable surge of 80%, reaching Rs 2119 crore, a significant leap from Rs 1177 crore in the same quarter of the preceding year. 

In Q1 FY24, APSEZ achieved a milestone with its highest-ever quarterly port cargo volumes reaching 101.4 MMT, marking a robust 12% year-on-year increase. 

The company’s domestic cargo volumes also displayed noteworthy growth, surging by 8% YoY, a rate approximately three times that of India’s cargo volume growth in the same period.  

Moreover, it made significant strides in the Indian market, elevating its market share to 26% during Q1 FY24, which represents a remarkable jump of 200 basis points. 

APSEZ delivered its strongest-ever quarterly operating performance during Q1 FY24, with the highest-ever quarterly cargo volumes, revenue, EBITDA, and an approximately 200 basis points jump in domestic market share, despite over 50% of the company’s total port capacity being adversely impacted for around 6 days due to Cyclone Biparjoy,” said Karan Adani, CEO and Whole Time Director of Adani Ports. 

The company’s continuous efforts in improving operational efficiencies have resulted in a domestic ports business EBITDA margin of 72%, and a logistics business EBITDA margin of 28%, which are higher than the reported margins of listed peers from India.  

Newly acquired assets, Haifa Port and Karaikal Port have ramped up well, with monthly cargo volumes now reaching the 1 MMT mark at the two ports. With our cargo volumes crossing 100 MMT during the quarter, we are well on course to achieve our FY24 cargo volume guidance of 370-390 MMT,” added Karan Adani. 

Following the announcement, the stock surged to an intraday peak of Rs 804.80. However, it was unable to sustain above Rs 800 and eventually concluded the trading session at Rs 784.35 each on the BSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.