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Adani Ports Q3 profit rises 16% to Rs 1,577 crore, revenue up 12%

Adani Ports Q3 results: The company's total consolidated income increased by 11.6 per cent to Rs 4,274.79 crore for the December quarter of 2020 as against Rs 3,830.43 crore in the year-ago period

twitter-logoBusinessToday.In | February 9, 2021 | Updated 15:51 IST
Adani Ports Q3 profit rises 16% to Rs 1,577 crore, revenue up 12%
Adani Ports and Special Economic Zone posts Rs 1,577 crore profit in December quarter

Adani Ports and Special Economic Zone Limited (APSEZ), a part of Gautam Adani-led Adani Group, on Tuesday reported 16 per cent rise in its consolidated net profit at Rs 1,577 crore for the third quarter ended on December 31, 2020, on the back of 37 per cent growth of cargo volume. The country's largest integrated logistics player had posted consolidated profit of Rs 1,356 crore in the corresponding period a year earlier, Adani Ports said in a BSE filing.

The company's total consolidated income increased by 11.6 per cent to Rs 4,274.79 crore for the December quarter of 2020 as against Rs 3,830.43 crore in the year-ago period.

Total operating revenue grew by 12 per cent from Rs 3,336 crore in Q3 FY20 to Rs 3,746 crore in Q3 FY21. Port revenue has increased by 35 per cent, while revenue from logistics business grew by 8 per cent.

The company said that the financial numbers of Q3 FY21 are not comparable to Q3 FY20 as it acquired Krishnapatnam Port in October, 2020, which is now consolidated. For Q3 FY21, Krishnapatnam Port reported revenue and EBIDTA of Rs 473 crore and Rs 336 crore, respectively. It handled a cargo volume of 10 MMT.

Port EBITDA grew by 38 per cent YoY to Rs 2,351 crore in Q3 FY21, on the back of increased cargo volume and balanced cargo mix. EBITDA margin increased by 140 bps to 71.7 per cent in Q3 FY21.

Logistics business has reported an EBIDTA of Rs 67 crore in Q3 FY21 compared to Rs 58 crore in Q3 FY20, reporting an increase of 16 per cent.

The total expenses during the quarter under review rose to Rs 2,258.61 crore compared to Rs 2,091.40 crore in the year-ago period.

Commenting on Q3 earnings, Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, "The strong and lasting recovery at APSEZ has been the cornerstone of our journey in the recent past. It's a proven certitude that our business now operates closer to a pure-play utility. Our portfolio of assets, increasing market share in India, and pre-eminence of our network with leadership positions have an unparalleled value proposition."

"Our businesses and future investments are aligned to sustainable growth with a focus on preserving the environment. We continuously recognize and sponsor more sustainable options in an effort to manage and reduce the effect on the environment. Our environmental footprint strategy seeks to address greenhouse gas emissions and waste throughout the entire operation as we strive to continually strengthen our environmental practices and become carbon neutral by 2025," he said.

Also Read: Adani Group completes acquisition of 23.5% stake in Mumbai Airport; to hike ownership to 74%

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