Ahmedabad:
Adani Ports and Special Economic Zone Limited (APSEZ), the ports arm of diversified conglomerate, Adani Group, on Thursday posted a consolidated net profit of Rs 8,104 crore, up 50% as compared to Rs 5,391 crore in the corresponding quarter of FY 2023.
During the fiscal year, APSEZ handled 27% of India’s total cargo and 44% of container cargo. The company’s domestic cargo volumes grew 21% year-on-year.
“APSEZ outperformed its upper end of guidance provided at the beginning of the financial year on cargo, revenue, and EBITDA by 6%-8%, while closing the year with net debt to EBITDA ratio of 2.3x vs its guidance of 2.5x.Clearly, the company’s business model of end-to-end service, strategic partnership with key customers, leveraging the network effect through its string of ports, and focus on operational efficiencies is yielding results, said Ashwani Gupta, whole time director and CEO, APSEZ.
With incremental cargo volumes of 100 MMT achieved in less than two years, the company now aims to attain 500 MMT of cargo volumes in 2025, aided by recently acquired Gopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and WCT next year.
“We continue to invest heavily in the business to drive growth, particularly in the logistics segment. Our newly launched trucking segment enables APSEZ to provide the last-mile connectivity solution to its customers. Our efforts towards sustainable business growth are well recognized in the top decile ESG rating from four global rating agencies,” Gupta further went on to say.
