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Adani Ports' net profits jump 50% in 2023-24, registers threefold cargo growth

Adani Ports' net profits jump 50% in 2023-24, registers threefold cargo growth
AdPorts and Special Economic Zone on Thursday reported that its Profit After Tax or net profits during the just-concluded financial year 2023-24 grew by a whopping 50 per cent to Rs 8,104 crore. In 2022-23, they were at Rs 5,391 crore.

During the fourth quarter January-March, the net profits grew 77 per cent to Rs 2,015 crore.

Coming to the revenue from operations for the entire financial year and the fourth quarter, they grew 28 per cent and 19 per cent to Rs 26,711 crore and Rs 6,897 crore, respectively.

2023-24 has been a year of many new milestones for APSEZ on both operational and financial metrics.

Adani Ports delivered 3x the India cargo growth rate and a record volume of 420 million tonne.

"Clearly, the company's business model of end-to-end service, strategic partnership with key customers, leveraging the network effect through its string of ports, and focus on operational efficiencies is yielding results, said Ashwani Gupta, Whole-Time Director and CEO, APSEZ.

With incremental cargo volumes of 100 million tonne achieved in less than two years, Adani Ports is well poised to achieve 500 million tonne of cargo volumes in 2025, aided by the recently acquired Gopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and WCT (West Container Terminal) next year, said Gupta.

"We continue to invest heavily in the business to drive growth, particularly in the logistics segment. Our newly launched trucking segment enables APSEZ to provide the last-mile connectivity solution to its customers. Our efforts towards sustainable business growth are well recognized in the top decile ESG rating from four global rating agencies," added Gupta.

In 2023-24, APSEZ said it handled 27 per cent of the country's total cargo and 44 per cent of container cargo. Ten of its ports from the India portfolio recorded their lifetime high cargo volumes for the year.

For 2023-24, the APSEZ Board has recommended a dividend of Rs 6 per share. This implies a payout of around Rs 1,300 crore for the company.

A dividend is a reward that companies often provide to their shareholders, though it is not mandatory, from a portion of their earnings.

APSEZ is the largest port developer and operator in India with seven strategically located ports and terminals on the west coast (Mundra, Tuna, Dahej, and Hazira in Gujarat, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and eight ports and terminals on the East coast of India (Haldia in West Bengal, Dhamra and Gopalpur in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry).

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