The company’s net profit came at Rs 1,072 crore ($134 million) for the first quarter of FY22-23, against the Rs 1,278 Cr ($160 million) from the same period a year ago.
Consolidated EBITDA (excluding Gangavaram) grew by 11 per cent to Rs 3,005 Cr ($377 million), while revenue stood almost flat year-on-year at Rs 4,638 Cr ($582 million) – given the Rs 725 Cr ($9 million) decline in revenue from the SEZ business segment.
APSEZ reported that this decline was in line with its expectations.
Adani added that the overall strong performance was delivered by both its businesses – ports and logistics.
During Q1 FY23, the company handled 90.89 MMT of cargo, which is an approximately 8 per cent year-on-year growth. The growth was primarily led by dry cargo (11.2 per cent increase), followed by containers (3.2 per cent), and liquids including crude (5.6 per cent).
Mundra port continues to be the largest container handling port with 1.65 million TEU versus 1.48 million TEU managed by JNPT port during the quarter. Mundra crossed 50 MMT of cargo volumes in the initial 111 days of FY23.
Ports EBITDA grew 18 per cent to Rs 2,885 Cr ($362 million).
Revenue from the logistics business stood at Rs 360 Cr ($45 million), a growth of 34 per cent on account of improving container and terminal traffic, and the bulk segment with overall increase in the rolling stock.
Logistics business EBIDTA grew by 56 per cent to Rs 96 Cr ($12 million). According to the company, this was aided by increase in cargo volumes, cargo diversification, elimination of loss- making routes and operational efficiency measures.
Gangavaram Port reported revenue of Rs 414 Cr ($52 million) and EBIDTA of Rs 280 Cr ($35 million) in Q1 FY23, although these numbers are currently not consolidated in APSEZ results.
“Q1 FY23 has been the strongest quarter in APSEZ’s history, with a record cargo volume and highest ever quarterly EBITDA. This is a 11 per cent jump on a robust performance in the corresponding quarter last year that witnessed the post-Covid demand surge,” commented Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.
“The company continued this strong performance in July and recorded 100 MMT of cargo through-put in the initial 99 days of FY23, a feat never achieved before.”
As Adani is set to commission two new terminals in the coming months, this growth will gain more momentum according to the company. The container terminal at Gangavaram Port will become operational next month, while the 5 MMT LNG terminal at Dhamra will be ready by the end of the year.
“Our strategy of connecting port gate to customer gate through an integrated utility model is starting to yield results,” added Adani.
“We are confident of achieving our full year guidance of 350-360 MMT cargo volumes and EBITDA of Rs 12,200-12,600 Cr ($1,5 billion). APSEZ remains committed to its philosophy of ensuring sustainable growth in partnership with our key stakeholders.”
Most recently, Adani Ports and Israeli firm Gadot and won the tender for the sale of Haifa port.
The group will buy the port for a sum of $1.18 billion. Adani Ports will have a 70 per cent stake and Gadot will hold the remaining 30 per cent.
Source: https://www.porttechnology.org/news/adani-ports-profit-dips-16-per-cent-amid-rise-in-volumes/
