Download Unicorn Signals App

Powered By EquityPandit

Adani Ports and Special Economic Zone Q2 Earnings; Net Profit at Rs 1,748 Crore

The other two ports of the company, Dhamra and Ennore, also reported their highest-ever monthly volumes.

Adani Ports & Special Economic Zone Ltd, on 9 November, announced its earnings for the July-September quarter of the current fiscal year.

The company reported a 4.19% year-on-year (YoY) increase in its net profit to Rs 1,747.85 crore for the quarter under review for Rs 1,677.48 crore reported in the year-ago quarter.

The Adani group company reported a 27.6% YoY increase in its net profit to Rs 6,646 crore against Rs 5,210.80 crore in the same quarter last year.

On the operating front, the company’s EBITDA (earnings before interest, taxes, depreciation and amortisation) for the quarter stood at Rs4,053.9 crore, which is a 35% YoY growth from Rs 3,005.5 crore in the same period last year. The EBITDA margins of the company stood at 61% for the quarter from 57.7% recorded in the corresponding period last year.

The company reported its highest-ever cargo volumes at 202.6 million metric tonnes (MMT) for the H1FY24, which is a 4% YoY jump.

Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone said, “The splendid performance was on the back of a 14% YoY increase in cargo volume coupled with improving operational efficiencies at our ports, which has resulted in our domestic ports EBITDA improving by 220 basis points YoY to 72% during H1 FY24.”

The Mundra Port handled an overall cargo volume of 44.44 MMT during the September quarter, primarily driven by container cargo followed by crude gas and coal.

Get Daily Prediction & Stocks Tips On Your Mobile