ETMarkets.comAdani Ports today reported a 16 per cent YoY drop in its consolidated net profit at Rs 1,072 crore. The figure missed analyst estimate of Rs 1,256 crore.
The company's consolidated revenue in the quarter also slipped marginally at YoY at Rs 4,637.95 crore against Rs 4,671.19 crore in the corresponding quarter of the last fiscal year.
The EBITDA, however, clocked 11 per cent YoY growth at Rs 3,005 crore. The Adani Group company said it recorded its highest ever quarterly cargo of 91 MMT, up 8 per cent YoY.
“Q1FY23 has been the strongest quarter in APSEZ’s history, with a record cargo volume and highest ever quarterly EBITDA. This is an 11% jump on a robust performance in the corresponding quarter last year that witnessed the post-Covid demand surge,” said Karan Adani, CEO of Adani Ports and Special Economic Zone.
The ports business, on the back of 8% YoY growth in volumes, delivered an 18% jump in EBITDA. The logistics business also experienced robust growth, with EBITDA increasing 56% YoY. The EBITDA margin of the logistics business expanded 370 bps due to economies of scale and increased share of the GPWIS revenue stream, the company said in a BSE filing.
“We are confident of achieving our full-year guidance of 350-360 MMT cargo volumes and EBITDA of Rs 12,200-12,600 crore. APSEZ remains committed to its philosophy of ensuring sustainable growth in partnership with our key stakeholders," Adani said.
attributed the flat revenue to the Rs 725 crore decline in revenue from the SEZ business segment. "This decline is well in line with our expectation and is factored in our full-year guidance for FY23," it said.
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The company's consolidated revenue in the quarter also slipped marginally at YoY at Rs 4,637.95 crore against Rs 4,671.19 crore in the corresponding quarter of the last fiscal year.
The EBITDA, however, clocked 11 per cent YoY growth at Rs 3,005 crore. The Adani Group company said it recorded its highest ever quarterly cargo of 91 MMT, up 8 per cent YoY.
“Q1FY23 has been the strongest quarter in APSEZ’s history, with a record cargo volume and highest ever quarterly EBITDA. This is an 11% jump on a robust performance in the corresponding quarter last year that witnessed the post-Covid demand surge,” said Karan Adani, CEO of Adani Ports and Special Economic Zone.
The ports business, on the back of 8% YoY growth in volumes, delivered an 18% jump in EBITDA. The logistics business also experienced robust growth, with EBITDA increasing 56% YoY. The EBITDA margin of the logistics business expanded 370 bps due to economies of scale and increased share of the GPWIS revenue stream, the company said in a BSE filing.
“We are confident of achieving our full-year guidance of 350-360 MMT cargo volumes and EBITDA of Rs 12,200-12,600 crore. APSEZ remains committed to its philosophy of ensuring sustainable growth in partnership with our key stakeholders," Adani said.
attributed the flat revenue to the Rs 725 crore decline in revenue from the SEZ business segment. "This decline is well in line with our expectation and is factored in our full-year guidance for FY23," it said.
MORE TO COME...
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