Adani Ports Q4 results: Net profit rises 76% y-o-y

Adani Ports and Special Economic Zone reported a net profit of ₹2,039.7 crore in Q4 of FY24, up 76 per cent on year while revenue rose 19 per cent to ₹6,897 crore on the back of 26 per cent cargo volume growth, driven by dry bulk and container cargo.

The country’s largest port operator has guided for FY25 cargo volume in the range 460-480 million tonnes, revenue in the range of ₹29,000-31,000 crore, EBITDA in the range of ₹17,000-18,000 crore while the planned capex in the current fiscal year is in the range of ₹10,500-11,500 crore.

The company ended the year with cargo handled at 420 million tonnes and EBITDA at ₹15,751 crore. It reported net profit of Rs 8110.6 crore in FY24 on revenue of Rs 26,710.6 crore.

• Also read: Adani Ports-Gopalpur Port acquisition: A step closer in achieving East-West parity

“FY24 has been a year of many new milestones for APSEZ on both operational and financial metrics,” said Ashwani Gupta, Whole-Time Director & CEO. The company outperformed its upper end of guidance for FY24 on cargo, revenue, and EBITDA by 6-8 per cent and ended the year with net debt to EBITDA ratio of 2.3x compared to the guidance of 2.5x.

He added that the company would be able to handle 500 million tonnes of cargo, higher than its former guidance. The growth is expected to be driven by Gopalpur Port, which it recently acquired from Shapoorji Pallonji, as well as the Vizhinjam Port commissioned in the current year and WCT next year.

“We continue to invest heavily in the business to drive growth, particularly in the logistics segment,” said Gupta, adding that the newly launched trucking segment enabled the company to provide last mile connectivity to its customers.

In FY24, Adani Ports handled around 27 per cent of the country’s total cargo and 44 per cent of container cargo.

Ports and Cargo

While Mundra Port, its flagship port, continues to dominate with 44 per cent share of the total port business, the share of the other ports in its portfolio has been growing and in FY24, non-Mundra ports contribution was 56 per cent, up from 34 per cent, a year ago.

In FY24, the container cargo handled at Mundra crossed 7.4 million TEUs. Total cargo handled at the port was 180 million tonnes and is expected to handle over 200 million tonnes in FY25.

Domestic cargo volumes rose by over a fifth during the year, with ports on the East coast showing a growth of 34 per cent and those on the West by 13 per cent.

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