Adani Ports Q3: Profit rises 14% amid moderation in cargo volume growth

The YoY cargo growth of 3.6 per cent in Q3 FY25 was offset by coal cargo handled by the company

Adani Ports and Special Economic Zone (APSEZ) reported an annual increase of 14.12 per cent in its profit attributable to equity holders of the parent for the third quarter of the financial year 2024-25 (Q3FY25). The profit stood at Rs 2,520.26 crore.

 

During the quarter, the company handled cargo volumes of 112.5 million metric tonnes (mmt), up by 3.6 per cent year-on-year (Y-o-Y). However, the growth was offset by the coal cargo handled by the company. This is also reflected in the growth of merely 1 per cent in the domestic cargo handled by the company. Meanwhile, its international cargo volume surged 118 per cent to 6 mmt.

 

In Q2FY25, the cargo handled by the company grew by 10 per cent, while in Q1FY25, it grew by 8 per cent.

 

In terms of revenue from operations, the country’s largest private port operator registered a Y-o-Y increase of 15.1 per cent as its revenue for Q3FY25 stood at Rs 7,963.55 crore. The company’s total expenses also increased by 13.13 per cent Y-o-Y to Rs 5,190.53 crore.

 

Further, the company’s earnings before interest, taxes, depreciation, and amortisation (Ebitda) during the quarter grew 15 per cent Y-o-Y to Rs 4,802 crore. The company also upgraded its FY25 Ebitda forecast to Rs 18,800-18,900 crore. Its Ebitda during the first nine months of FY25 (9MFY25) stood at Rs 14,019 crore, up 19 per cent Y-o-Y. Sequentially, the company’s profit attributable to equity holders of the parent grew by 3.1 per cent, while its revenue from operations grew by 12.7 per cent.

 

In 9MFY25, the company’s profit attributable to equity holders of the parent grew by 33.1 per cent to Rs 8,078.09 crore on a Y-o-Y basis.

 

"I am excited to share the fantastic momentum we have achieved during 9MFY25, driven by exceptional execution across three key areas of our business—market share gains coupled with a volume-price mix increase, traction in the logistics vertical, and operational efficiencies along with technology-led gains,” said Ashwani Gupta, whole-time director and chief executive officer, APSEZ.

 

The Gautam Adani-led firm clocked 332 million tonnes of cargo volume in 9MFY25, up 7 per cent Y-o-Y. The growth was led by containers, liquids and gas, and dry bulk cargo (iron ore, limestone, minerals, coking coal, etc.), partially offset by a decline in imported non-coking coal, the company said. The company had given cargo volume guidance of 460-480 mmt for the full year FY25.

 

As of December 2024, the company’s net debt stands at Rs 45,653 crore, while its net debt-to-Ebitda ratio stood at 2.1 times on a trailing twelve-month basis, against 2.3 times in FY24.