Adani Ports Q3 results: Net profit falls 6% YoY to Rs 1,472 cr, revenue flat

Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday reported a net profit of Rs 1,472 crore, a decline of 5.7 per cent on-year, for the quarter ending 31 December, 2021. The company had posted a net profit of Rs 1,561 crore in the year-ago period.

The Adani group company's consolidated revenue from operations was almost flat after rising a little over 1 per cent to Rs 3,797 crore in the quarter under review as against Rs 3,746 crore in the corresponding quarter last fiscal. 

Moreover, APSEZ has also revised its FY22 revenue guidance to about Rs 17,000 crore from 18,000 crore earlier, the company said in a regulatory filing.

The Adani group port infrastructure company posted Rs 2,417 crore in earnings before interest, taxes, depreciation at ammortisation (EBITDA) for the October-December period.

Its EBITDA margin came down to 63.7 per cent in the third quarter of the current financial year, from 71.9 percent in the corresponding period a year ago.

APSEZ achieved a cargo volume of 68 MM in the quarter under review, while container share in the cargo basket increased by
465 bps and is inline with our strategy. 

Commenting on results,  Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said,  ““Our learnings in 2020 helped us weather the storm and our operational expertise allowed us to continue our expansion. The addition of two ports in 2021 – Krishnapatnam and Gangavaram in Andhra Pradesh on the east coast of India – to the ones on the west coast continued to tighten our panIndia presence. Our under-construction port of Vizhinjam in Kerala, along with our new terminal in Colombo, Sri Lanka, will act as a new transshipment hub in southeast Asia.”

Shares of Adani Ports on BSE closed 3.24 per cent higher at Rs 739.35 apiece on Tuesday.