Adani Ports shares Q1 results, says profit up 83% at Rs 2,115 crore

Adani Ports and Special Economic Zone Ltd, a Adani group firm, on Tuesday reported an 82.57 per cent year-on-year (YoY) rise in net profit at Rs 2,114.72 crore for the June quarter compared with Rs 1,158.28 crore in the same quarter last year. Analysts were expecting the Adani group firm to report up to 70 per cent YoY rise in profit.

Revenue for the quarter rose 23.51 per cent YoY to Rs 6,247.55 crore compared with Rs 5,058.09 crore in the corresponding quarter last year. Analysts were expecting sales to grow 15-20 per cent YoY. 

Consolidated Ebitda including forex impact grew 80 per cent YoY to Rs 3,765 crore. Excluding forex impact consolidated Ebitda stood at Rs 3,754 crore. Adani Ports said its Ebitda margin for ports business expanded 150 bps to 72 per cent with improved realisation and operating efficiencies. Logistics business Ebitda margin expanded by 150 bps to 28 per cent, aided by increase in cargo volumes and sweating of assets, it said.

For FY24, Adani Ports has guided for cargo volumes of 370-390 mt and expects revenue of Rs 24,000-25,000 crore and Ebitda of Rs 14,500-15,000 crore. Total capex during the year is seen at Rs 4,000-4,500 crore.

For the quarter, Adani Ports said cargo volume growth stood at 12 per cent YoY at 101 mmt, supported by containers growth of 15 per cent. Adani Ports said its market share in India climbed 200 basis points to 26 per cent in the June quarter. Consolidated operating revenue grew 24 per cent YoY to Rs 6,248  crore.

What management says 

Karan Adani, CEO and Whole Time Director of Adani Ports said his company delivered its strongest ever quarterly operating performance , with highest ever quarterly cargo volumes, revenue, Ebitda and around 200bps jump in domestic market share.

This, he said, is despite over 50 per cent of the company’s total port capacity being adversely impacted for around 6 days due to the cyclone Biparjoy.

"Our continuous efforts on improving operational efficiencies have resulted in domestic ports business Ebitda margin of 72 per cent and logistics business Ebitda margin of 28 per cent, which is higher than the reported margins of listed peers from India. Our newly acquired assets, Haifa Port and Karaikal Port, have ramped up well with monthly cargo volumes now touching 1 MMT mark at the two ports. With our cargo volumes crossing 100 MMT during the quarter, we are well on course to achieve our FY24 cargo volume guidance of 370-390 MMT.” he said.

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Also read: Adani Ports Q1 results preview: Sales likely to grow 15-20%, profit may jump sharply