Adani Ports Q3FY24 Results: Adani Ports & Special Economic Zone released its financial results for the quarter and nine months ending December 31, 2023, revealing a significant 65% improvement in its consolidated net profit at ₹2,208 crore for Q3FY24, compared to the net profit of ₹1,336.51 crore recorded in the corresponding period last year. Sequentially, there was a notable increase of 25.35% in the consolidated net profit. Over the 9MFY24 period, the consolidated net profit witnessed a substantial growth of 43%, reaching ₹4,252 crore.
The company witnessed a significant boost in its consolidated revenue from operations, reaching ₹6,920.10 crore in Q3 compared to ₹4,786.17 crore in the same quarter of the previous year, indicating a YoY increase of 44.58%. The EBITDA also demonstrated notable improvement, rising by 59% YoY to ₹4,293 crore. Looking at the 9MFY24 period, the EBITDA increased substantially to ₹11,722 crore from ₹7,676 crore in 9MFY23, showcasing a robust YoY growth of 53%.
In the quarter, the company accomplished a milestone by achieving its highest-ever quarterly cargo volume, totaling 108.6 MMT. Mundra, its flagship port, set a record for the highest monthly volume at any Indian port in October 2023. Additionally, AICTPL (CT-3) achieved India’s highest monthly container volume in November 2023, as emphasized in the company’s earnings report. The company reported that its domestic cargo growth surpassed India’s growth rate by more than 2.5 times. Nine of its domestic ports and terminals achieved their highest-ever cargo volumes during the 9MFY24 period.
Adani Ports Q3FY24 Results: Revenue increases 44% YoY, while net profit soars 65% YoY to ₹2,208 crore.
In the quarter, rail volumes experienced a YoY growth of 17%, reaching 157,904 TEUs, while GPWIS volumes saw a significant increase of 53% YoY, totaling 5.29 MMT. APSEZ achieved its highest-ever rail volumes, with a remarkable growth of 22%, and GPWIS volumes also reached a new high, showing a notable increase of 46% during the 9MFY24 period.
Reflecting on the Q3 results, Mr. Ashwani Gupta, CEO of APSEZ, remarked, “As Mundra, our inaugural port, marked 25 years of operation, APSEZ achieved its most robust Q3 and 9M performance to date, characterized by unprecedented revenue, EBITDA, and cargo volumes. We are poised to surpass our full-year guidance set at the beginning of the year, underscoring our commitment to enhancing operational efficiencies and maintaining our position as a top-tier port operator in the industry.”
As of 1:30 p.m., the company’s shares are trading at ₹1,222 per, up 1.30%.
