Adani Ports Q3 PAT jumps 68% YoY to Rs 2,208 cr

Adani Ports on Thursday reported a 68% growth in its consolidated net profit at Rs 2,208 crore for the quarter ended December. It was Rs 1,315 crore in the last year quarter.

Revenue from operations in the third quarter rose 44% year-on-year (YoY) to Rs 6,920 crore.

The company reported an EBITDA of Rs 4,293 crore for the December quarter, which is an increase of 59% YoY. EBITDA margins in the reporting period were at 62%.

The operating profit growth was due to improved efficiencies and capacity utilization, while revenue growth was aided by an increase in cargo volumes.

Operationally, the company achieved its highest-ever quarterly cargo volume of 108.6 MMT. Mundra, its flagship port, recorded the highest-ever monthly volume at any Indian port on October 23.

Adani Ports achieved a key milestone of 300 MMT in 266 days vs 329 days in FY23. The overall cargo volume was 311 MMT in the nine months ended December, up 23% year-on-year.

Domestic cargo growth was over 2.5x India’s growth rate, with nine of the company’s domestic ports/terminals recording their highest-ever cargo volumes in the 9MFY24 period.

Quarterly rail volumes grew 17% YoY to 157,904 TEUs. The company said it recorded its highest-ever rail (+22%) and GPWIS (+46%) volumes in the nine months of FYF24.

“APSEZ recorded its strongest ever Q3 and 9M performance with the highest ever revenue, EBITDA, and cargo volumes, and is on course to overachieve its full-year guidance provided at the start of the year,” said Ashwani Gupta, CEO, Adani Ports.

Adani Ports completed a bond buy-back of $325 million concluded during the 9MFY24 period, leading to an improvement in net debt to EBITDA to 2.5x against 3.1x for FY23.

On Thursday, following the announcement of results, Adani Ports shares were trading 1.52% higher at Rs 1226 on NSE.

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Harry Byrne

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