Adani Ports and Special Economic Zone Q1 Results FY2023, Net Profit at Rs. 1092 crores

On 8th August 2022, Adani Ports and Special Economic Zone announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

- Consolidated revenue (excluding Gangavaram) was almost flat YoY at Rs. 4,638 Crores, given the Rs. 725 Crores decline in revenue from the SEZ business segment. Revenue from the logistics business stood at Rs. 360 Crores, a growth of 34% on account of improving container and terminal traffic, and also the bulk segment with an overall increase in the rolling stock. Gangavaram port, reported revenue of Rs. 414 Crores and EBIDTA of Rs. 280 Crores in Q1FY23.

- Consolidated EBITDA (excluding Gangavaram) grew by 11% to Rs. 3,005 Crores on the back of revenue growth for the Ports and Logistics business. Ports EBITDA grew 18% to Rs. 2,885 Crores on the back of growth in port revenues. Logistics business EBIDTA grew by 56% to Rs. 96 Crores, and the margin expanded by 370 bps to 27%. This was aided by an increase in cargo volumes, cargo diversification, elimination of loss-making routes, and operational efficiency measures.

- The company reported its PAT at Rs. 1092 crores

Business Highlights:

- During Q1 FY23, APSEZ handled 90.89 MMT of cargo (including 9.09 MMT at Gangavaram Port), which is 8% YoY growth. The growth in cargo volume was led by dry cargo (+11.2% increase), followed by containers (+3.2%), and liquids including crude (+5.6%). The automobile segment, though a small proportion of overall volumes, saw a 120% jump in volumes.

- Adani Logistics registered a 31% YoY growth in rail volume to 111,136 TEUs and a 54% YoY growth in terminal volume to 99,217 TEUs. The GPWIS cargo volumes more than doubled to 3.11 MMT on YoY basis.

- Adani Ports and Gadot Group consortium (70:30 partnership) won the bid for the acquisition of 100% stake in Haifa Port Company acquisition at a bid value of NIS 3.9 Bn ($ 1.13 billion).

- APSEZ has acquired a 100% stake in Ocean Sparkle Ltd (OSL). OSL is India’s leading third-party marine services provider with 94 seaworthy vessels at its disposal, including 75 Tugs.

Commenting on the results, Mr. Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone said: “Q1FY23 has been the strongest quarter in APSEZ’s history, with a record cargo volume and highest ever quarterly EBITDA. This is an 11% jump on a robust performance in the corresponding quarter last year that witnessed the post-Covid demand surge. The company continued this strong performance in July and recorded 100 MMT of cargo through-put in the initial 99 days of FY23, a feat never achieved before.”