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Adani Ports Q2 Net Profit Up 68.6% YoY to ₹1,678 Crore, Freight Volume Up 15%

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  • Adani Ports, India’s largest private port operator, today reported a 68.6% year-on-year increase in its second-quarter net profit to ₹1,678 crore.
  • The company also reported a 14.7% year-over-year increase in its freight volumes in the second quarter to 86.6 MMT, although volumes moderated sequentially from 90.9 MMT in the first quarter.
  • Overall, the company maintained its FY23 forecast of 350-360 MMT of cargo volumes and an EBITDA of ₹12,200-12,600 crore.

Adani Ports, India’s largest private port operator, reported a 68.6% year-on-year increase in net profit in the second quarter to 1,678 crore, while revenue from operations rose 32.8% to 5,211 crore.

The company’s revenue from port operations was ₹4,609 crore, an increase of 30.5% year-on-year. Port segment’s share of the company’s total revenue was 88.4% during the September quarter, down from 89.8% a year ago. Earnings before interest, taxes, depreciation and amortization (EBITDA) was ₹3,260 crore.

Adani Ports also reported a 14.7% year-on-year increase in its cargo volumes to 86.6 million metric tons (MMT), although there was a moderation in Q1 volume from 90.9 MMT.

Overall, the freight volume of H1 FY23 was 177.5 MMT, an increase of 11% compared to H1 FY22.

Dry cargo led the volume growth during this period with an increase of 18%, followed by container volume which grew by 5%.

Volume growth in non-Mundra ports was 14% year-over-year in H1 FY23, while volumes in Mundra ports grew by 7.5%. Overall, non-Mundra ports contributed 54% to the company’s total freight basket.

“The first half of FY23 is a record half year in the history of APSEZ, with the highest freight volume, revenue and EBITDA ever. By extending this strong performance through October, APSEZ reached 200 MMT of cargo throughput within seven months, another milestone,” said Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.

Here’s Adani Ports’ second quarter in numbers:

Particularities Q2 FY23 Q1 FY23 Q2 FY22
Revenue ₹5,211 crore ₹5.058 crore ₹3.923 crore
Net profit ₹1,678 crore ₹1,158 crore ₹995 crore
Freight volume 86.6 MMT 90.9 MMT 75.5 MMT

Source: Company Reports

Adani Ports maintained its FY23 forecast of 350-360 MMT of cargo volumes and an EBITDA of ₹12,200-12,600 crore.

The company also highlighted three catalysts for volume growth: a 6 lakh twenty-foot equivalent unit (TEU) container terminal facility at Gangavaram Port, liquid storage tanks at Kattupalli Port and a 5 MMT LNG terminal at Dhamra Port.

In its logistics business, the company announced that it has placed orders for 82 trains, which will double the total number of trains from 81 to 163. Rail volume increased by 24% year-on-year to 2.23 lakh TEU.

The company has also started construction of seven warehouses and two agricultural container terminals, with a total capacity of 10 million square meters.

With the full integration of the Gangavaram Port, Adani Ports now has 12 ports across the country in its portfolio. The company also acquired the Port of Haifa in partnership with the Gadot Group, which allowed it to expand its presence in Europe.

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