Adani Ports Q2 profit surges 40% to Rs 24.45 billion

30 Oct 2024 CW Team

Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest private port operator, reported a 39.89% jump in consolidated net profit to Rs 24.45 billion for the July-September quarter, compared to Rs 17.48 billion in the same period last year.

Consolidated revenue from operations for Q2 FY25 rose 6.32% to Rs 70.67 billion, up from Rs 66.46 billion a year ago, driven by a 9.9% increase in cargo volumes. APSEZ handled 111 million tonnes (mt) of cargo during the quarter, compared to 101 mt in the corresponding period last year, the company said in a stock exchange filing on Tuesday following a board meeting.

APSEZ remains optimistic about achieving the upper end of its FY25 EBITDA guidance of Rs 170-180 billion, supported by strong half-yearly performance. The company also reaffirmed its FY25 cargo volume target of 460-480 mt.

“We witnessed continued growth across operations, with existing ports showing strong volume ramp-ups, while new capacity additions at Gopalpur, Vizhinjam, and Colombo are progressing as planned,” said Ashwani Gupta, Whole-time Director and CEO of APSEZ.

Gupta highlighted key developments during the quarter, including the diversification of APSEZ’s marine fleet with 26 offshore support vessels and robust growth in its logistics segment, which expanded last-mile connectivity through new rakes, warehouses, multi-modal logistics parks (MMLPs), and agri-silos. He also noted that Mundra Port crossed the 100 mt milestone in just 181 days, reinforcing the company’s confidence in meeting its cargo and EBITDA guidance for FY25.

“These results reflect APSEZ’s commitment to sustainable growth and operational excellence,” Gupta added. (ET)

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