Adani Ports and Special Economic Zone (APSEZ) rose 1.69% to Rs 1,228 after the company's consolidated net profit soared 67.87% to Rs 2,208.41 in Q3 FY24 as against with Rs 1,315.54 crore posted in the same period a year ago.
Revenue from operations jumped 44.59% year on year to Rs 6,920.10 crore in Q3 FY24, mainly due to increase in cargo volumes.
Profit before tax stood at Rs 2,741.33 crore in the third quarter, registering a growth of 75.29% from Rs 1,563.90 crore recorded in the same period last year.
Domestic port EBITDA margin expansion by around 170 bps, along with improved efficiencies and capacity utilization, led to 59% YoY growth in EBITDA to Rs 4,293 crore. The company sadi that the EBITDA includes a forex gain of Rs 107 crore.
APSEZ achieved its highest-ever quarterly cargo volume of 108.6 MMT in Q3 FY24, reflecting a 44% jump on YoY basis.
Quarterly rail volumes grew 17% YoY to 157,904 twenty-foot equivalent units (TEUs) and General Purpose Wagon Investment Scheme (GPWIS) volumes jumped 53% YoY to 5.29 MMT.
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On nine-months basis, the companys consolidated net profit climbed 46.24% to Rs 6070.98 crore on 31.61% rise in revenue to Rs 19814.06 crore in 9M FY24 over 9M FY23.
APSEZ achieved a key milestone of 300 MMT in 266 days as against 329 days in FY23; overall cargo volume was 311 MMT in 9M FY24 up 23% YoY.
The firm recorded its highest-ever rail cargo volumes of 437,081 TEUs (up 22% YoY) and GPWIS volumes at 14.21 MMT (up 46% YoY).
APSEZ recorded healthy cargo volumes with 23% YoY growth to 311 MMT, with dry cargo volumes growing by 25%, container cargo by 23% and liquid & gas by 20% as on 9M FY24.
In nine months ending 31 December 2023, Mundra Port crossed the 5.5 million TEUs mark. EBITDA margin of domestic port business improved by 203 bps to 72% in 9M FY24 as against 70% posted in 9M FY23.
Net debt to EBITDA for trailing twelve months (TTM) December 2023 at the guided level of 2.5x as against 3.1x in FY23.
Ashwani Gupta, CEO, APSEZ, said, APSEZ recorded its strongest ever Q3 and 9M performance with the highest ever revenue, EBITDA, and cargo volumes, and is on course to overachieve its full year guidance provided at the start of the year. This is a testament to our continuous efforts to drive operating efficiencies and remain an industry leading port operator.
Adani Ports & Special Economic Zone is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to port at Mundra.
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