Adani Ports Q4 net profit rises 5% to Rs 1,159 cr on high cargo volumes

Mumbai: Adani Ports and Special Economic Zone (APSEZ) on Tuesday reported a 5% year-on-year increase in its consolidated profit for the quarter ended March at ₹1,159 crore and a 40% growth in its consolidated revenue at ₹5,797 crore.

One of the most profitable units of the sprawling Adani Group, APSEZ reported earnings before interest, taxes, depreciation and amortisation (Ebitda) of ₹3,270.7 crore, 27% higher on year. Its cargo volumes increased 11% on year as it handled 86.3 million metric tonne of cargo during the quarter.

APSEZ's board recommended a dividend of ₹5 per share, resulting in a payout of ₹1,080 crore.

Its stock ended 0.43% lower on the BSE on Tuesday at ₹734.3 compared to a 0.2% gain in benchmark Sensex.

The company's promoters have pre-paid fund-based loans raised through pledging of APSEZ shares, resulting in reduction of pledged shares to 4.66% as on March 31 compared to 17.31% as on December 31, it said in a press statement.

For the complete financial year 2023, the company reported a 9% on-year growth in net profit at ₹5,310 crore. Revenue grew 22% to ₹20,852 crore. Ebitda grew 21% to ₹12,833 crore for the year.

It recorded its highest-yet port cargo volumes of 339 million metric tonne in FY23, a 9% growth over the preceding year.

"The company has overachieved against its highest-ever revenue and Ebitda guidance provided at the beginning of the year," said Karan Adani, chief executive and whole-time director of APSEZ. "Our strategy of geographical diversification, cargo mix diversification, and business model transition to a transport utility is enabling robust growth."

The company invested around ₹27,000 crore in FY23, which was a record. It includes the cost of six major acquisitions at around ₹18,000 crore and capital expenditure of around ₹9,000 crore.