 "adani group")
Adani Ports and Special Economic Zone (APSEZ), the country’s largest port operator, on Thursday reported a sharp 76 per cent year-on-year (Y-o-Y) jump in its consolidated net profit for the fourth quarter ended March 31, 2024.
The consolidated net profit for the January-March quarter of 2023-24 stood at Rs 2040 crore. It was Rs 1,158 crore during the same period a year ago.
But sequentially, the company’s net profit shrunk by 7.6 per cent.
The company’s Q4 revenue stood at Rs 6897 crore, 19 per cent higher on a Y-o-Y basis, and 0.3 per cent lower than the previous quarter.
APSEZ’s PBIDT (profit before interest, depreciation, tax, and amortisation) during the quarter was Rs 3924 crore, which is 64.5 per cent higher Y-o-Y, and sequentially lower by 16.5 per cent.
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“APSEZ outperformed its upper end of guidance provided at the beginning of the financial year on cargo, revenue, and EBITDA by 6 per cent-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,” said Ashwani Gupta, Whole-Time Director and chief executive officer, APSEZ.
The company, in January had appointed Gupta to the position and elevated Karan Adani to the position of managing director.
With incremental cargo volumes of 100 million metric tonnes (MMT) achieved in less than two years, APSEZ expects to achieve 500 MMT of cargo volumes in 2025, aided by recently acquired Gopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and WCT next year, according to the port operator.
“We continue to invest heavily in the business to drive growth, particularly in the logistics segment. Our newly launched trucking segment enables APSEZ to provide the last-mile connectivity solution to its customers,” said Gupta.
