On Tuesday, Adani Ports and Special Economic Zone Ltd, a Adani group firm, reported an 82.57 percent year-on-year increase in net profit at Rs.2,114. 72 crores compared to 1,158 Rs for the same quarter last year. The same quarter last year was worth 28 billion rupees, up from 28 billion in the same quarter last year. Analysts were expecting Adani Group to report up to 70 percent in profit in the first quarter of this year, up from 70 percent in the first half of last year.
Revenue rose 23.51 percent to Rs 626.47 in Q3 from Rs 23.51 in the same period last year. Rs. 55 lakh compared to Rs. 5058. 09 crore in the corresponding quarter of last year. Analysts were expecting sales to grow 15-20 per cent in the third quarter of last year.
Consolidated EBITDA including forex impact grew 80 per cent YoY to Rs 3765 crore. The consolidated Ebitda of Rs.3,754 crore had a net impact of forex impact. Adani Ports said its EBITDA margin for port business expanded 150 bps to 72 per cent with improved realisation and operating efficiencies. Logistics business EBITda margin increased by 150 bps to 28 percent, aided by increased cargo volumes and sweating of assets.
For FY24, Adani Ports has guided for cargo sizes of 370 - 390 mt and expects revenue of Rs 24,000 - 25,000 crore and Ebitda of Rs 14,500 - 15,000 crore. The year's total capex is Rs 4,000-4,500 crore.
Adani Ports said cargo volume growth for the quarter was 12 percent YoY at 101 mmt, supported by containers growth of 15 percent. Adani Ports said its market share in India rose 200 basis points to 26 per cent in the June quarter. Consolidated operating revenue rose 24 per cent to 626.48bn, a rise of 24 per cent from the same period last year.
Karan Adani, CEO and Whole Time Director of Adani Ports, said his company delivered its strongest ever quarterly operating performance with highest ever quarterly cargo volume, revenue, Ebitda and around 200 bps jump in domestic market share.
This, he said, is despite more than 50 percent of the company's total port capacity being adversely impacted for around 6 days due to the cyclone Biparjoy.
Our ongoing efforts on improving operational efficiencies have resulted in domestic ports business EBITDA margin of 72 per cent and logistics business EBITDA margin of 28 per cent, which is higher than the reported margins of listed peers from India. Our newly acquired assets, Haifa Port and Karaikal Port, have ramped up well, with monthly cargo volumes now reaching a 1 MMT mark at the two ports. With our cargo volume passing 100 MMT during the quarter, we are well on course to achieve our FY 24 cargo volume guidance of 370 - 390 MMT. He added: 'It's not a good thing,' but I think we can have some good stuff, he said.