Adani Ports Q1 Result: Profit zooms 77% to Rs 1,342 crore; revenue up 75%

Adani Ports and Special Economic Zone Limited (APSEZ) has reported Rs 1,341.7 crore profit in the April-June quarter for the financial year, compared to Rs 758 net profit in Q1 FY22, recording a 77 per cent growth.

The company's revenue for the said quarter stood Rs 3,339 crore vs Rs 1,904 revenue during the same quarter last year (75 per cent rise). EBITDA for Q1 FY22 amounted to Rs 2,231.7 crore and the margin stood at 49 per cent.

Adani Ports reported 83 per cent growth in cargo volume, compared to 33 per cent growth by all India ports, resulting in a gain in market share, the company said in a market statement.

Adani Ports said its cargo market share increased 310 bps to 28.6 per cent, while container market share increased 163 bps to 43 per cent during Q1.

"Our strategy of establishing a network of world-class ports to balance cargo across the east and west coast has been tracked precisely as per plan, thereby continuing to de-risk our growth as well as lay the foundation of a broader logistics platform. This has resulted in APSEZ  accelerating its market share gain," said Mr Karan Adani, Chief Executive Officer and Whole Time Director of  APSEZ.  

The company added two new services during Q1, one each at Mundra and Hazira with a potential of 125,000 TEUs pa. It also added five bulk rakes under GPWIS. During the quarter, Adani Ports acquired the balance 25 per cent stake in Krishnapatnam port for Rs 2,800 crore, making it a 100 per cent subsidiary of APSEZ.

Also read: Adani Group bags two out of three commercial coal mines in auction

The company also made its second international foray to develop a container terminal at Colombo Port, with a capacity of 3.5 mn TEUs. The construction at the terminal is expected to start in December 2021. Adani Ports said it also acquired a 31.5 per cent stake in Gangavaram Port from Warburg Pincus at Rs 120 per share during Q2 FY22.

The company said the consideration for a 58.1 per cent stake from DVS Raju & Family has been agreed at Rs 120 per share, and the process for acquisition of balance 10.4 per cent from GoAP is at an advanced stage.

Adani Ports had reported a 288 per cent jump in consolidated net profit to Rs 1,321 crore for the fourth quarter ended March 31, 2021.             

APSEZ is the largest port developer and operator in India with 12 strategically located ports and terminals, representing 24% of the country's total port capacity.

Following the announcement of the financial result, APSEZ stock surged 1.78 per cent today to Rs 704.30 on the NSE, compared to the previous session close of Rs 692.

Also read: Adani Wilmar files DRHP for Rs 4,500 crore IPO; proceeds to be used for expansion