Adani Ports and Special Economic Zone Ltd.’s second-quarter profit rose helped by a strong volume growth.
Net profit of India’s largest private port operator rose 65% year-on-year to Rs 1,738 crore in the quarter ended September, according to its exchange filing. That compares with the Rs 1,311-crore consensus estimate of analysts tracked by Bloomberg.
The company’s cargo volume rose 15% year-on-year to 86.6 million metric tonnes in the quarter.
The depreciating rupee dragged the profits of the Adani Group flagship company. The foreign exchange loss in the quarter stood at 369.7 crore, as against a gain of Rs 53.21 crore in the comparable period.
Adani Ports Q2 FY23 Highlights (YoY)
Revenue rose 33% to Rs 5,211 crore, against an estimate of Rs 4670.6 crore
Ebitda rose 31% to Rs 3,260 crore, excluding forex MTM loss/gain. It compares with the Rs 2,699.3-crore forecast.
“H1 FY23 is a record half-year in APSEZ’s history, with the highest ever cargo volume, revenue and EBITDA. Extending this strong performance into October, APSEZ achieved 200 MMT of cargo through-put within seven months, another new milestone,” Karan Adani, chief executive of Adani Ports, said in a press release.
Shares of Adani Ports ended 2% higher before results were announced, as against a 0.7% rise in benchmark Nifty 50.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.