Adani Ports and Special Economic Zone Limited (APSEZ) reported a significant increase in its profits for the quarter ending March 31, 2024. The company’s net profit rose by 76% to Rs 2,040 crore compared to the same period last year, mainly due to higher cargo volumes. Its revenue also increased by 19% to Rs 6,897 crore during this quarter.
The company has declared a dividend of Rs 6 per share for the financial year 2023-24. Adani Ports’ stock price was up by 1.2% to Rs 1,341 per share as of 1330 hours on May 2.
In the January-March quarter, Adani Ports handled its highest-ever cargo volume of 109 million metric tonnes. Throughout the financial year 2023-24, its domestic cargo volumes grew by 21%, surpassing the growth rate of India’s overall cargo volumes.
APSEZ managed a total cargo volume of 420 million metric tonnes in FY24, exceeding its earlier forecast of 370-390 million metric tonnes.
The CEO, Ashwani Gupta, mentioned that FY24 was marked by several achievements for APSEZ in terms of operations and finances. The company exceeded its projected targets for cargo, revenue, and earnings (EBITDA) by 6-8%. The net debt to earnings ratio also improved, standing at 2.3x compared to the projected 2.5x.
Gupta expressed confidence in the company’s future growth, aiming to reach 500 million metric tonnes of cargo volumes by 2025. This growth will be supported by recent acquisitions like Gopalpur Port and upcoming projects like Vizhinjam Port this year and WCT next year.
APSEZ is focusing on expanding its logistics services, including a new trucking segment to enhance last-mile connectivity for customers. The company’s commitment to sustainable growth has been recognized with top-tier ratings in environmental, social, and governance (ESG) measures by four global rating agencies.
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