 "Adani Ports")
India’s largest port operator Adani Ports and Special Economic Zone (APSEZ) posted a 4.2 per cent year-on-year (Y-o-Y) rise in consolidated net profit during the second quarter of financial year 2023-24 (Q2 FY24) to Rs 1,748 crore.
Coming off a strong first quarter, APSEZ’s profit after tax (PAT) in the first half of FY24 rose 33 per cent Y-o-Y to Rs 3,881 crore. Sequentially, net profit fell by 17.8 per cent in the second quarter.
The company said that based on estimated future profits, it has elected to switch to the new tax regime under the IT Act for one of its subsidiaries, Adani Krishnapatnam Port Ltd (AKPL).
Consequently, the past year’s minimum alternate tax (MAT) is written off, which has reduced the PAT by Rs 455 crore.
Net sales of the port operator and logistics company rose by 27.6 per cent Y-o-Y to Rs 6,646 crore. This was a 6.4 per cent increase quarter-on-quarter (Q-o-Q).
Also Read
“APSEZ achieved another milestone by registering its highest ever half yearly revenue of Rs 12,894 crore, earnings before interest, taxes, depreciation, and amortisation (Ebitda) of Rs 7,429 crore and cargo volumes of 203 million metric tonnes (MMT) during H1 FY24. The splendid performance was on the back of a 14 per cent Y-o-Y increase in cargo volumes coupled with improving operational efficiencies at our ports. This has resulted in our domestic ports' Ebitda improving by 220 basis points (bps) Y-o-Y to 72 per cent during H1,” said Karan Adani, chief executive officer (CEO) and whole-time director of APSEZ.
“With a record year-to-date (YTD) performance, APSEZ is comfortably placed to achieve its full-year revenue and Ebitda guidance. APSEZ’s actions to drive its medium-to-long-term growth are progressing according to plan,” Adani added.
Meanwhile, other income fell by over 20 per cent Y-o-Y during the second quarter. There was a 34.4 per cent rise Q-o-Q and 48 per cent increase Y-o-Y in the company’s expenditure at Rs 3,438 crore.
Profit before interest, depreciation and tax (Pbidt) saw a 6.9 per cent rise in the second quarter at Rs 3,560 crore against the same period last year.
In the first half of the financial year, the company’s logistics business saw an increase of 25 per cent in rail volumes to 279,177 twenty foot equivalent units (TEUs).
Its cargo volumes, under Indian Railways’ wagon investment scheme, grew by 42 per cent to 8.92 MMT.
