Adani Ports and Special Economic Zone reported a 65 per cent rise in consolidated net profit in the December quarter. The company’s revenue increased 45 per cent year-on-year on the back of higher cargo volumes.
The port operator reported net profit of ₹2,208 crore on revenue of ₹6,920 crore. The volume of cargo handled was 44 per cent higher at 108.6 million tons.
The flagship port Mundra recorded highest-ever monthly volume at any Indian port in October and Adani International Container Terminal recorded India’s highest monthly container in November, the company said.
During the quarter the company formed a strategic joint venture partnership with MSC group for the Enore Container Terminal, completed acquisition of Karaikal Port and sold asset in Myanmar, while its terminal at Colombo received funding worth $553 million from a US-based funding agency DFC.
In the first nine months of FY24 the company’s net profit rose 43 per cent to ₹6089 crore and revenue was 32 per cent higher at ₹19,814 crore.