Adani Ports and SEZ Q2 PAT soars 65% to Rs 1,738 cr

Adani Ports and Special Economic Zone's (APSEZ) consolidated net profit surged 65.5% to Rs 1,737.81 crore on 32.8% jump in revenue from operations to Rs 5,210.80 crore in Q2 FY23 over Q2 FY22.

The company's profit before tax stood at Rs 1,900.39 crore in the second quarter, registering a growth of 50.2% from Rs 1,265.16 crore recorded in the same period last year. EBITDA in Q2 FY23 was at Rs 3,260 crore, up by 31% from Rs 2,483 crore posted in Q2 FY22.

Cargo volumes grew 15% to 86.6 MMT in Q2 FY23 as compared to 75.5 MMT reported in the same period last year.

On half yearly basis, the company's net profit rose 26.4% to Rs 2,915.27 crore on 15.3% increase in net sales to Rs 10,268.89 crore in H1 FY23 over H1 FY22.

Consolidated revenue (including Gangavaram) grew by 15% year on year (YoY) to Rs 10,269 crore, despite the Rs 555 crore decline in revenue from the SEZ business segment, which is also factored in company's full year guidance for FY23.

Consolidated EBITDA (including Gangavaram) jumped 21% to Rs 6,551 crore on the back of revenue growth for the ports and logistics business.

Karan Adani, CEO and whole time director of Adani Ports and Special Economic Zone, said, H1 FY23 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.

For H1 FY23, this record cargo volumes have resulted in a 24% YoY jump in Port EBITDA, while the EBITDA of the logistics business jumped 57% YoY. The margin expansion of the logistics segment continued with a 470 bps YoY jump on the back of better utilization of assets and increased share of the General-Purpose Wagon Investment Scheme (GPWIS) revenue stream.

The company's Ports revenue jumped 25% to Rs 8,967 crore aided by cargo volume growth, improved realization, and addition of Ocean Sparkle acquisition (OSL).

During H1 FY23, APSEZ handled 177.5 MMT of cargo which is 11% YoY growth. The growth in cargo volume was led by dry cargo (+18% increase), and containers (+5%).

The non-Mundra ports volumes grew at 14% YoY while Mundra growth rate was 7.5%; the non-Mundra ports contributed 54% to the cargo basket. Mundra continues to be the largest container handling port with 3.28 million twenty-foot equivalent units (TEUs) versus 2.96 million TEUs managed by Jawaharlal Nehru Port (JNPT) during the first half of the year.

Revenue from the logistics business stood at Rs 721 crore, a growth of 32% on account of improving container and terminal traffic, and also the bulk segment with overall increase in the rolling stock.

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 MMT cargo volumes and EBITDA of Rs 12,200-12,600 crore, Adani added.

Adani Ports & Special Economic Zone is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to port at Mundra.

Shares of Adani Ports & Special Economic Zone declined 0.49% to Rs 837.65 on the BSE.

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