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Adani Ports and SEZ Q2 PAT climbs 40% YoY to Rs 2,445 cr

29-Oct-24 15:25 Hrs IST

Profit before exceptional items and tax gained 16.51% year on year (YoY) to Rs 2,936.94 crore in the quarter ended 30 September 2024. The company reported an exceptional loss of Rs 51.77 crore in Q2 FY25.

The company's EBITDA (excluding forex) jumped 13% to Rs 4,369 crore in September 2024 quarter as compared to Rs 3,880 crore registered in Q2 FY24.

Domestic ports contributed Rs 4,089 crore to EBITDA and Logistics contribution was at Rs 156 crore. The company said that with 70% domestic port EBITDA margins, APSEZ is one of the most profitable port operator globally.

During the quarter, APSEZ recorded a cargo volume of 101.2 million metric tons (MMT), registering growth of 10% YoY.

The company informed the exchanges that it is well-positioned to hit the upper end of FY25 EBITDA guidance of Rs 17,000-18,000 crore.

On half year basis, the company's net profit jumped 43.88% to Rs 5,557.83 crore on 8.75% rise in revenue from operations to Rs 14,023.34 crore in H1 FY25 over H1 FY24.

APSEZ clocked 220 MMT of cargo volume (up 9% YoY) in H1 FY25. The growth was primarily driven by Containers (up 19% YoY).

Mundra port achieved a significant milestone by crossing 100 MMT mark in 181 days (101.1 MMT in H1 FY25). The company handled 0.31 million Twenty-foot Equivalent Units (TEUs) rail volume (up 11% YoY) and 10.7 MMT GPWIS volume (up 20% YoY).

APSEZ operating revenue grew by 13% YoY to Rs 14,627 crore. Ports revenue increased by 11% YoY to Rs 12,824 crore, Logistics revenue increased by 17% YoY to Rs 1,159 crore in H1 FY25.

Net debt to trailing twelve months (TTM) EBITDA ratio at 2x (vs 2.3x in FY24). CRISIL assigned 'AAA' rating to APSEZ. India Ratings upgraded APSEZ's long-term issuer rating to 'AAA'.

The company has completed the acquisition of Gopalpur Port and Astro Offshore, and also signed two new port concession agreements.

Ashwani Gupta, whole-time director & CEO of APSEZ, said, 'We are pleased to witness continued growth across our operations, with our existing ports delivering strong volume ramp-ups and new capacity additions progressing as planned in Gopalpur, Vizhinjam and Colombo.

During the quarter, we also diversified our marine fleet, adding 26 offshore support vessels. Our logistics business too achieved robust growth, enhancing last-mile connectivity through expansions in rakes, warehousing, MMLPs and agri-silos. Mundra Port's remarkable milestone of crossing 100 MMT in 181 days and our cargo volume trajectory reaffirm our confidence in delivering our FY25 cargo guidance and hitting the upper end of our EBITDA guidance for the year. These results underscore APSEZ's commitment to sustainable growth and operational excellence.'

Adani Ports & Special Economic Zone is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to port at Mundra.

The scrip rose 0.34% to currently trade at Rs 1,357.75 on the BSE.