Adani Ports Q2 net profit jumps 68.6% YoY to ₹1,678 crore, cargo volume up 15%

• Adani Ports, India’s largest private port operator, today reported a 68.6% YoY increase in its Q2 net profit to ₹1,678 crore.
• The company also reported a 14.7% YoY increase in its Q2 cargo volumes to 86.6 MMT, although volumes moderated sequentially from 90.9 MMT in Q1.
• Overall, the company retained its FY23 guidance of 350-360 MMT of cargo volumes and EBITDA of ₹12,200-12,600 crore.

India’s largest private port operator, Adani Ports reported a 68.6% year-on-year increase in its Q2 net profit to ₹1,678 crore, while its revenue from operations rose 32.8% to ₹5,211 crore.

The company’s revenue from port activities stood at ₹4,609 crore, up 30.5% YoY. The share of ports segment in the company’s total operating revenue stood at 88.4% during the September quarter, down from 89.8% a year ago. Its earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at ₹3,260 crore.

Adani Ports also reported a 14.7% YoY increase in its cargo volumes to 86.6 million metric tonnes (MMT), although there was a moderation from Q1 volume of 90.9 MMT.

Overall, its H1 FY23 cargo volumes stood at 177.5 MMT, up 11% compared to H1 FY22.

Dry cargo led the volume growth in this period with an increase of 18%, followed by container volume which grew 5%.

Volume growth at non-Mundra ports stood at 14% YoY in H1 FY23, while the Mundra port volumes increased 7.5%. Overall, non-Mundra ports contributed 54% to the company’s total cargo basket.

“The first half of 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,” said Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.

Here’s Adani Ports’ Q2 in numbers:


Source: Company reports

Adani Ports retained its FY23 guidance of 350-360 MMT of cargo volumes and EBITDA of ₹12,200-12,600 crore.

The company also highlighted three volume growth catalysts – a 6 lakh twenty-foot equivalent unit (TEU) container terminal facility at the Gangavaram port, liquid storage tanks at the Kattupalli port, and a 5 MMT LNG terminal at the Dhamra port.

In its logistics business, the company announced that it has placed orders for 82 trains, which will double its total train count from 81 to 163. Its rail volume rose 24% YoY to 2.23 lakh TEUs.

The company has also commenced the construction of seven warehouses and two agriculture container terminals, adding up to 10 million square feet of capacity.

With the complete integration of the Gangavaram Port, Adani Ports now has 12 ports across the country in its portfolio. The company also acquired the Haifa Port in partnership with the Gadot Group, allowing it to expand its footprint in Europe.

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