Adani Ports and Special Economic Zones Ltd (APSEZ) on Monday reported 16.1 per cent fall in consolidated net profit at Rs 1,072 crore for the quarter ended 30 June, 2022. The multi-port operator, which is a part of billionaire Gautam Adani-led Adani group, had posted a net profit of Rs 1,278 crore in the year-ago period.
Revenue from operations declined marginally to Rs 4,737 crore as against Rs 4,672 crore in the same quarter last fiscal.
Sequentially, the company's profit rose 5% from Rs 1,024 crore in the preceding quarter (Q4FY22).
The EBITDA, however, clocked 11 per cent YoY growth at Rs 3,005 crore.
The company also added that it recorded its highest ever quarterly cargo of 91 MMT, up 8 per cent YoY.
Moreover, the logistics business also experienced robust growth, APSEZ said, with EBITDA increasing 56 per cent YoY. The EBITDA margin of the logistics business expanded 370 bps due to economies of scale and increased share of the GPWIS revenue stream.
"With APSEZ set to commission two new terminals in the coming months, this growth story will gain more momentum. The container terminal at Gangavaram Port will become operational next month, while the 5 MMT LNG terminal at Dhamra will be ready by December end. This LNG terminal has a take-or-pay contract with couple of O&G majors," the Adani group company said in a regulatory filing.
“Our strategy of connecting port gate to customer gate through an integrated utility model is starting to yield results,” said Karan Adani, CEO and Whole Time Director. “We are confident of achieving our full year guidance of 350-360 MMT cargo volumes and EBITDA of Rs 12,200-12,600 Cr. APSEZ remains committed to its philosophy of ensuring sustainable growth in partnership with our key stakeholders.”
Shares of Adani Ports traded 1.54 per cent lower at Rs 797.55 apiece on BSE.
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