Adani Ports and Special Economic Zone (APSEZ) on Tuesday posted its fiscal first quarter profit at Rs 2,114.72 crore, up 82.6 per cent in comparison to Rs 1,158.28 crore during the first quarter of FY23. It posted revenue from operations at Rs 6,247.55 crore, up 23.5 per cent as against Rs 5,058.09 crore during corresponding quarter of FY23. The company EBITDA stood at Rs 3,766 crore, up 80.2 per cent on-year. APSEZ said that it posted cargo volume growth of 12 per cent YoY to over 101 MMT, supported by container growth of 15 per cent.
APSEZ recorded its highest-ever quarterly port cargo volumes at 101.4 MMT in Q1FY24, reflecting a healthy 12 per cent YoY rise. APSEZ’s domestic cargo volumes recorded 8 per cent YoY increase, which is ~3x India’s cargo volume growth rate in the same period. “Growth in cargo volume was led by containers (+15 per cent), dry cargo (+10 per cent) and liquids excl. crude (+7 per cent). The automobile segment, though a small proportion of overall volumes, saw a 54 per cent jump in volumes,” the company said. APSEZ’s market share in India increased to 26 per cent in Q1FY24, up by 200 bps. While Mundra handled 1.72 million TEUs in the first quarter, which is 12 per cent higher than its closest competitor, the Krishnapatnam Port recorded strong volumes by handling 5 MMT cargo volumes during the quarter in review. The logistics rail volumes, meanwhile, recorded a growth of 18 per cent YoY to 131,420 TEUs GPWIS cargo volumes grew by 40 per cent Y-o-Y to 4.35 MMT.
“APSEZ delivered its strongest ever quarterly operating performance during Q1FY24, with highest ever quarterly cargo volumes, revenue, EBITDA and around 200 bps jump in domestic market share, despite over 50 per cent of the company’s total port capacity being adversely impacted for around 6 days due to the cyclone Biparjoy,” said Karan Adani, CEO and Whole Time Director, Adani Ports and Special Economic Zone.
He further added that the company’s 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,” added Karan Adani. APSEZ is working towards taking its cargo volumes at 370-390 MMT during FY24, resulting in a revenue of Rs 24,000- Rs 25,000 crore and EBITDA of Rs 14,500- Rs 15,000 crore. Total capex during the year is expected to be Rs 4,000- Rs 4,500 crore.