Adani Ports and Special Economic Zone Ltd Q3 Results FY2023, Net profit at Rs. 1337 crores

On 7th February,  Adani Ports and Special Economic Zone Ltd announced its results for the third quarter of FY2023.

Key Highlights:

- The company reported revenue at Rs. 4786 crores, with a growth of 17.53% YoY.
- The EBITDA stood at Rs. 3011 crores, with a growth of 15.28% YoY.
- The company reported its PAT at Rs. 1337 crores, with a drop of 12.9% YoY.

Business Highlights:

- During 9M FY23, APSEZ handled about 24% of the country’s total cargo and retained its leadership position of being India’s largest port operator.
- Port EBITDA grew 20% YoY to Rs 9562 Crores, on the back of strong improvement in realizations and cargo volume growth.
- With a port EBITDA margin of about 70%, APSEZ continues to be one of the most profitable port companies globally
- EBITDA of the logistics business segment jumped 66% YoY to Rs 354 Crores, supported by margin expansion of 400bps with improved utilization of assets and increased share of the GPWIS revenue stream. 
- The growth in cargo volume was led by coal up by a 23% increase, liquid (excluding crude) (up by 8% increase, and containers (up by 5% increase). The automobile segment, though a small proportion of overall volumes, saw a 22% jump in volumes.
- Mundra Port registered 100 MMT of cargo handling in 231 days. The port has shown the fastest growth in India’s ports sector surpassing all the Government as well as private commercial ports of India
- In the port business segment, the new additions including the Haifa Port Company in Israel (about20 MMT), a new container terminal at Gangavaram (6 lakhs TEU), liquid storage tanks at Katupalli, 5 MMT LNG terminal at Dhamra in April 2023, and Karaikal Port (17.5 MMT), for which APSEZ has received the LoI, subject to NCLT approval.
- New assets in the logistics business segment including a recently acquired ICD Tumb (one of India’s largest with a capacity of 0.5 MTEUs), Taloja MMLP, three agri-silo terminals, warehousing capacity of 0.6 Million sq. ft, 12 new trains and Kila Raipur MMLP, which restarted operations about 12 months back.

Commenting on the results, “Mr. Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone said: With the highest ever revenue and EBITDA over a nine-month period, ASPEZ is well placed to achieve the upper end of its full-year revenue and EBITDA guidance provided for FY23. The company also concluded the transactions of Haifa Port Company, IOTL, ICD Tumb, Ocean Sparkle, and Gangavaram Port, and is progressing well on transitioning its business model to a transport utility.”