Adani net profit jumps 65 per cent

APSEZ Q3 FY24 net profit rises 65 per cent YoY

Adani Ports and Special Economic Zone Ltd (APSEZ) has announced its results for the quarter and nine months ending 31 December 2023.

In the third quarter of the financial year 2024, the company gained Rs 107 crore ($12.9 million) from foreign exchange, while in the same period in 2023, it incurred a loss of Rs 315 crore ($38 million).

For the first nine months of the financial year 2024, the forex loss was Rs 98 crore ($11.8 million), compared to Rs 1,886 crore ($227.3 million) in the same period of the previous year.

READ: APSEZ sets record cargo volumes in October

Mundra port recorded the highest-ever monthly volume at any Indian port in October 2023.

APSEZ further achieved a key milestone of 300 metric tonnes (MMT) in 266 days vs 329 days in FY23; overall cargo volume was 311 MMT in nine months.

Domestic cargo growth was over 2.5x India’s growth rate, with nine of our domestic ports/terminals recording their highest ever cargo volumes in nine months.

Quarterly rail volumes grew 17 per cent year-over-year (YoY) to 157,904 TEU and GPWIS volumes jumped 53 per cent YoY to 5.29 MMT. APSEZ recorded its highest-ever rail (+22 per cent) and GPWIS (+46 per cent) volumes in nine months.

READ: APSEZ appoints new Managing Director

Ashwani Gupta, CEO, APSEZ, said: “In the year when our first port, Mundra, completed 25 years of operation, APSEZ recorded its strongest ever Q3 and 9M performance with the highest ever revenue, EBITDA, and cargo volumes, and is on course to overachieve its full year guidance provided at the start of the year.

“This is a testament to our continuous efforts to drive operating efficiencies and remain an industry leading port operator.”

In January 2024, the management of Adani Krishnapatnam Port Limited (AKPL) dismissed rumours that AKPL is stopping container operations to relocate at Katupalli Port.

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