Adani Ports Consolidated Operating Revenue Grows By 24% YoY To ₹6,248 Cr In Q1FY24

Adani Ports and Special Economic Zone Ltd (APSEZ), on Tuesday announced its results for the first quarter ended 30 June 2023, the company announced through an exchange filing.

Financial Highlights

Consolidated operating revenue grew by 24 percent YoY to Rs 6,248 crore.

Consolidated EBITDA including forex impact grew by 80 percent YoY to Rs 3,765 crore. Excluding forex impact consolidated EBITDA was Rs 3,754 crore.

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Ports business EBITDA margin expanded by approximately 150 bps to 72 percent with improved realization and operating efficiencies.

Logistics business EBIDTA margin expanded by approximately 150 bps to 28 percent aided by increase in cargo volumes and sweating of assets.

APSEZ recorded its highest-ever quarterly port cargo volumes at 101.4 MMT in Q1 FY24, reflecting 12 percent YoY jump. APSEZ’s domestic cargo volumes recorded 8 percent YoY increase, which is approximately 3x India’s cargo volume growth rate in the same period. APSEZ’s market share in India increased to 26 percent in Q1 FY24, a jump of 200bps. Mundra handled 1.72 million TEUs in Q1 FY24, which is 12 percent higher than its closest competitor. Krishnapatnam Port recorded strong volumes by handling 5 MMT cargo volumes in all the three months of the quarter.

Ports Business

Growth in cargo volume was led by containers (15 percent), dry cargo (10 percent) and liquids excluding crude (7 percent). The automobile segment, though a small proportion of overall volumes, saw 54 percent jump in volumes. The non-Mundra domestic ports volumes grew at 17 percent YoY while Mundra volumes were down 2 percent due to cyclone ‘Biparjoy’. The share of non-Mundra domestic ports increased to 58 percent in the cargo basket from 53 percent during Q1 FY23.

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Logistics Business

Logistics rail volumes recorded a growth of 18 percent YoY to 131,420 TEUs. GPWIS cargo volumes grew by 40 percent YoY to 4.35 MMT. Total Rakes during the quarter increased to 95 (Container-43, GPWIS-42, Agri-7, AFTO-3) against 93 as of end March.

Adani Ports and Special Economic Zone Ltd shares

The shares of Adani Ports and Special Economic Zone Ltd on Tuesday at 3:30pm IST were at Rs 783, down by 1.06 percent.