Adani Ports and SEZ gains as Q1 PAT climbs 47% YoY to Rs 3,113 cr

Adani Ports and Special Economic Zone (APSEZ) rose 1.43% to Rs 1,592.10 after the company's consolidated net profit surged 47.2% to Rs 3,112.83 crore on 11.34% in revenue from operations to Rs 6,956.32 crore in Q1 FY25 over Q1 FY24.

Profit before exceptional items and tax zoomed 50.08% year on year (YoY) to Rs 3,738.08 crore in the quarter ended 30 June 2024. The company reported an exceptional loss of Rs 145.43 crore in Q1 FY25.

The companys EBITDA (excluding forex) jumped 29.14% to Rs 4,848 crore in June 2024 quarter as compared to Rs 3,754 crore registered in Q1 FY24.

Domestic ports contributed Rs 3,990 crore to EBITDA and Logistics contribution was at Rs 144 crore. Domestic ports EBITDA expanded by 32 bps to 72% due to better asset sweating.

During the quarter, APSEZ recorded a cargo volume of 109 million metric tons (MMT), registering growth of 8% YoY. The growth was primarily driven by containers (up 18% YoY) and Liquids & Gas (up 11% YoY). There was a temporary disruption leading to a loss of 5.7 MMT at the Gangavaram Port, which is now fully restored.

Mundra Port recorded highest ever quarterly cargo handled by any port in India with 51.1 MMT in Q1 FY25.

The firm reported its highest-ever quarterly performance, with rail cargo reaching 0.16 million TEUs, representing a 19% YoY growth and GPWIS volume totaling 5.56 million metric tons, reflecting a 28% YoY growth.

The volume of containers handled at Major Multi-Modal Logistics Parks (MMLPs) increased by 27% YoY to 103,784 Twenty-foot Equivalent Units (TEUs).

The net debt to trailing twelve months (TTM) EBITDA ratio at the end of the quarter was 2.1x.

CARE and ICRA upgraded APSEZs credit rating to AAA. S&P upgraded credit outlook to positive from stable, driven by improving scale and diversification, stated the company.

Ashwani Gupta, whole-time director & CEO of APSEZ, said, FY25 has begun on a strong note for us with stellar performance on both financial and growth fronts. On the financial front, we posted all-time high earnings. But for the temporary disruption in Gangavaram Port, which is now fully restored, our Q1 cargo volume would have been at 114.7 MMT, a 13% increase.

On the growth front, we won two new port concessions and a port O&M contract. We are proud that four of our ports featured in World Banks Container Port Performance Index 2023.

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.

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