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Q3 Results: Adani Ports Net Profit Falls 14% The company's consolidated net profit stood at INR 1,337 crore as against INR 1, 535 crore in the same quarter a year ago

By Shrabona Ghosh

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Adani Ports on Tuesday reported a 14 per cent decline in consolidated net profit. The net profit stood at INR 1,337 crore for the quarter ended December 2022 compared with INR 1,535 crore in the corresponding period a year ago.

Adani Ports' revenue from operations rose 17.5 per cent year-on-year (YoY) to INR 4,786.17 crore for the Q3 FY202 compared with INR 4,071.98 crore in the third quarter of last year, the company said in a BSE exchange filing.

'With the highest ever revenue and EBITDA over a nine-month period, ASPEZ is well placed to achieve the upper end of its full year revenue and EBITDA guidance provided for FY23. The company also concluded the transactions of Haifa Port Company, IOTL, ICD Tumb, Ocean Sparkle, and Gangavaram Port, and is progressing well on transitioning its business model to a transport utility," said Karan Adani, CEO and whole time director of Adani Ports and Special Economic Zone.

APSEZ is targeting FY24 EBITDA of INR 14,500-15,000 crore. "Besides an estimated capital expenditure of INR 4,000-4,500 crore, we are considering total loan repayment and prepayment of around INR 5,000 crore, which will significantly improve our net debt to EBITDA ratio and bring it closer to 2.5 times by March 24," he added.

During Q3 FY23, APSEZ handled 24 per cent of the country's total cargo. Port EBITDA grew 20 per cent Y-o-Y to INR 9,562 crore, on the back of strong improvement in realizations and cargo volume growth. With a port EBITDA margin at 70 per cent, APSEZ continues to be one of the most profitable port companies globally, said the company in the stock exchange filing.

The company is confident of continuing its strong performance in the coming quarters given the presence of various catalysts, particularly the operational ramp up of facilities commissioned/acquired in the last few months.

In the port business segment, the new additions include Haifa Port Company in Israel, new container terminal at Gangavaram, liquid storage tanks at Katupalli, 5 MMT LNG terminal at Dhamra in April 2023 and Karaikal Port.

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
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