 "Adani Ports")
India's largest private port operator Adani Ports and Special Economic Zone (APSEZ) reported a consolidated net profit of Rs 2,039.66 crore, for the quarter ending on March 31 in the financial year 2023-24 (Q4 FY24). This was a 76.2 per cent increase from Rs 1,157.55 crore reported in the year-ago period. Net profit dropped 8.7 per cent quarter-on-quarter from Rs 2,233.47 crore.
The company reported a 19 per cent jump in consolidated revenue from operations at Rs 6,896.5 crore year-on-year (Y-o-Y) from Rs 5,796.85 crore. Sequentially, revenue dropped marginally by 0.34 per cent from Rs 6,920.1 crore.
Total volume handled by the firm in FY24 grew 24 per cent Y-o-Y to 420 MMT, from 339.2 MMT in FY23.
Earnings before interest, taxes, depreciation, and amortisation (Ebitda) for the fourth quarter jumped 23 per cent at Rs 4,029 crore.
For the entire financial year, Adani Ports reported a consolidated net profit of Rs 8,070.53 crore, up 70 per cent from Rs 4,745.34 crore reported at the end of FY23.
Revenue from operation for FY24 rose 28 per cent at Rs 26,710.56 crore Y-o-Y from Rs 20,851.91 crore.
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Ebitda, excluding forex, jumped 24 per cent Y-o-Y to Rs 15,864 crore, with Rs 15,246 crore contributed by ports business and Rs 540 crore by logistics business, the company said in an exchange filing.
In FY24, APSEZ handled 27 per cent of the country’s total cargo and 44 per cent of container cargo. The company's domestic cargo grew by 21 per cent Y-o-Y, the company said.
A highlight for the company this year was also the acquisition of Gopalpur and Karaikal ports, that increased the the total count of ports of APSEZ in India to 15.
Commenting on the results, Ashwani Gupta, whole-time director & CEO, APSEZ said, “FY24 has been a year of many new milestones for APSEZ on both operational and financial metrics. APSEZ outperformed its upper end of guidance provided at the beginning of the financial year on cargo, revenue, and Ebitda by 6-8 per cent, while closing the year with net debt to Ebitda ratio of 2.3x vs its guidance of 2.5x. Clearly, the company’s business model of end-to-end service, strategic partnership with key customers, leveraging the network effect through its string of ports, and focus on operational efficiencies is yielding results."
The board of Adani Ports and Special Economic Zone has recommended a dividend Rs 6 per equity share of Rs 2 each fully paid-up for the financial year 2023-24, subject to the approval of shareholder at the ensuing annual general meeting (AGM).
Shares of Adani Ports and Special Economic Zone were trading at Rs 1,345.60 on the BSE at 1:35 pm following the company's Q4 financial results.
