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Adani Ports and Special Economic Zone Limited (APSEZ) on Tuesday posted standalone net loss of ₹298 crore as against the net profit of ₹278 crore in the corresponding quarter a year ago. Notably, company’s losses during September quarter narrowed from ₹384 crore in June quarter.
Standalone revenue from operations stood at ₹1221 crore for the quarter under review as against ₹976 crore in the same quarter last year.
On consolidated basis, company posted net profit of ₹1,738 crore for the quarter, higher by 65 per cent from ₹1,050 crore in the same quarter last year. On consolidated revenues, APSEZ posted 33 per cent growth year-on-year at ₹5,211 crore as against ₹3,923 crore same period last year.
Record cargo volume
For the first half period of current fiscal, company’s management said that it is a “record half-year in APSEZ’s history, with the highest ever cargo volume, revenue and EBITDA. Extending this strong performance into October, APSEZ achieved 200 MMT of cargo through-put within seven months, another new milestone,” said Karan Adani, CEO and Whole Time Director, APSEZ.
During the first half, the record cargo volumes resulted in a 24 per cent y-o-y jump in Port EBITDA, while the EBITDA of the logistics business jumped 57 per cent y-o-y. The margin expansion of the logistics segment continued with a 470 basis points y-o-y jump on the back of better utilisation of assets and increased share of the GPWIS revenue stream.
“APSEZ remains committed to its philosophy of ensuring sustainable growth in partnership with our key stakeholders. We are on track to achieve our full year guidance of 350-360 MT cargo volumes and EBITDA of ₹12,200–12,600 crore,” added Adani.
Ports
Company stated that the non-Mundra ports volumes grew at 14 per cent y-o-y while Mundra growth rate was 7.5 per cent. The non-Mundra ports contributed 54 per cent to the cargo basket. Mundra continues to be the largest container handling port with 3.28 million TEUs versus 2.96 million TEUs managed by JNPT during the first half of the year, it added.
Company’s logistics vertical registered 24 per cent y-o-y growth in rail volume to 2,22,944 TEUs and a 43 per cent y-o-y growth in terminal volume to 192,039 TEUs.
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