Adani Ports and SEZ Monday said its net profit was down 17% on year as revenue fell a tad.
“The marginal decline in Y-o-Y revenue is in the SEZ business segment, and is factored in our annual guidance for FY23,” said the company in a statement.
Its operating profit, before accounting for share of profit from joint ventures and associates fell 35% to Rs 925 crore.
The company’s numbers declined despite handling a record 91 million metric tonnes of cargo during the quarter, up 8% on year.
“With APSEZ set to commission two new terminals in the coming months, this growth story will gain more momentum. The container terminal at Gangavaram Port will become operational next month, while the 5 MMT LNG terminal at Dhamra will be ready by December end. This LNG terminal has a take-or-pay
contract with couple of O&G majors,” the company said in a statement.
“The logistics business will also be boosted by the assets commissioned during the quarter. This includes a MMLP in Taloja, three agri-silo storge terminals with a combined capacity of 0.15 Mn MMT (one each at Panipat, Kanoj and Dhamora,), warehousing capacity of 0.6 Mn sq. ft, two new trains under the GPWIS framework and 125 trailer trucks for providing the last mile connectivity at three MMLPs (Patli, Nagpur, and Kishangarh),” it added.
“Our strategy of connecting port gate to customer gate through an integrated utility model is starting to yield results,” said CEO Karan Adani.
“We are confident of achieving our full year guidance of 350-360 MMT cargo volumes and EBITDA of Rs 12,200-12,600 Cr. APSEZ remains committed to its philosophy of ensuring sustainable growth in partnership with our key stakeholders.”
The growth in cargo volume was led by dry cargo (11.2% increase), followed by containers (3.2%), and liquids including crude (5.6%). The automobile segment, though a small proportion of overall volumes, saw a 120% jump in volumes.
Both the Mundra and non-Mundra ports had a similar growth rate, and the non-Mundra ports contributed 53% to the cargo basket.
Mundra continues to be the largest container handling port with 1.65 Mn TEUs versus 1.48 Mn TEUs managed by JNPT during the quarter. Mundra, crossed 50 MMT of cargo volumes in the initial 111 days of FY23.
Source Name:-Economic Times