Adani Ports and Special Economic Zone (APSEZ) on Tuesday reported a 37 per cent rise in consolidated net profit at Rs 2,413.54 crore for the quarter ended September 2024, mainly on the back of higher revenues.
The company also signed a 30-year concession agreement to operate and manage Container Terminal 2 at the Dar es Salaam Port, Tanzania.
Adani Ports and Special Economic Zone (APSEZ) on Tuesday reported a 37 per cent rise in consolidated net profit at Rs 2,413.54 crore for the quarter ended September 2024, mainly on the back of higher revenues.
The consolidated net profit of the company stood at Rs 1,762 crore in the quarter ended September 30, 2023, the company said in a regulatory filing.
Total income in the July-September 2024-25 period increased to Rs 7,372.37 crore, from Rs 6,951.86 crore in the year-ago quarter.
Total expenses in the period under review reduced marginally to Rs 4,433.96 crore, from Rs 4,477 crore in the year-ago quarter.
The company in a statement said its EBITDA (earnings before interest, taxes, depreciation, and amortization) increased 13 per cent year-on-year to Rs 4,369 crore.
APSEZ said it is well-positioned to hit the upper-end of FY25 EBITDA guidance of Rs 17,000-18,000 crore.
The company reiterated FY25 cargo volume guidance of 460 MMT-480 MMT.
"We are pleased to witness continued growth across our operations, with our existing ports delivering strong volume ramp-ups and new capacity additions progressing as planned in Gopalpur, Vizhinjam and Colombo," APSEZ whole-time director and CEO Ashwani Gupta.
APSEZ said it clocked 220 MMT (million metric tonnes) of cargo volume (up 9 per cent year-on-year) in H1 FY25.
"The growth was primarily driven by containers," it added.
According to the statement, Mundra Port achieved a significant milestone by crossing the 100 MMT mark in 181 days (101.1 MMT in H1).
APSEZ handled 0.31 million TEUs (Twenty-Foot Equivalent) rail volume (up 11 per cent YoY) and 10.7 MMT GPWIS volume (up 20 per cent YoY).
The company said Vizhinjam Port is expected to start commercial operations by December 2024, while Gangavaram port launched a container terminal with the inaugural EXIM vessel call of MV Synergy Keelung.
APSEZ said warehousing capacity increased to 3.1 million sq. ft. with the addition of warehouses at Palwal and Tumb (2.4 million sq. ft as of FY24 end).
The company also signed a 30-year concession agreement to operate and manage Container Terminal 2 at the Dar es Salaam Port, Tanzania.
APSEZ is a part of the globally diversified Adani Group. It is the largest port developer and operator in India with 7 strategically located ports and terminals on the West coast and 8 ports and terminals on the East coast.