Adani Ports Reports Over 80% Growth In Net Profit At Rs 2,119.38 Crore In Q1 | Markets News
Adani Ports, a part of the Adani Group, has reported robust Q1 results for the year 2023, showcasing impressive financial growth. The company’s net profit surged by 82.57% YoY, reaching Rs 2,114.72 crore in the June quarter, compared to Rs 1,158.28 crore during the same period in the previous year. The consolidated revenue for the quarter also demonstrated substantial growth, increasing by 23.51% YoY to Rs 6,247.55 crore. These results surpassed analysts’ expectations, who anticipated a 15-20% YoY sales growth.
The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) displayed significant improvement, rising by 80% YoY to Rs 3,765 crore. Adani Ports achieved an EBITDA margin of 72% in the ports business and 28% in the logistics business, reflecting enhanced operational efficiencies and successful asset management.
Despite facing challenges from Cyclone Biparjoy that impacted over 50% of the port capacity for approximately 6 days, Adani Ports delivered its strongest quarterly operating performance. The CEO, Karan Adani, emphasized the achievement of record-breaking cargo volumes, revenue, EBITDA, and a notable domestic market share increase of 200 basis points. The company’s strategic acquisitions, Haifa Port and Karaikal Port, have demonstrated positive results with increasing cargo volumes. Adani Ports remains on track to achieve its FY24 cargo volume target of 370-390 million metric tons.
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