Adani Ports and Special Economic Zones (APSEZ) reported a net profit of ₹1,747.8 crore for the second quarter of financial year 2023-24 (FY24), up 4.2% from ₹1,677.5 crore in the corresponding quarter a year ago. Revenue for the quarter grew 27.6% to ₹6,646.4 crore, from ₹5,210.8 crore in the previous year.
The company’s performance was driven by strong growth in both its cargo volumes and tariff rates. Cargo volumes handled by APSEZ grew 25.4% to 175.6 million tonnes (MT), while tariff rates grew 2.2% to ₹2,685 per MT.
APSEZ’s cargo volumes growth was driven by strong demand across all major commodities, including coal, iron ore, containerized cargo, and petroleum products. The company’s tariff rates growth was driven by a combination of factors, including the increase in the global commodity prices and the company’s focus on improving operational efficiency.
APSEZ’s performance is in line with the overall growth in the Indian economy. The Indian economy grew 8.7% in the first quarter of FY24, and is expected to grow at a rate of 7.5% in the full year.
Here are some key highlights from APSEZ’s second quarter results:
- Net profit: ₹1,747.8 crore, up 4.2% from the previous year
- Revenue: ₹6,646.4 crore, up 27.6% from the previous year
- Cargo volumes: 175.6 MT, up 25.4% from the previous year
- Tariff rates: ₹2,685 per MT, up 2.2% from the previous year
Outlook
APSEZ expects to continue to grow in the coming quarters, driven by the continued recovery in the Indian economy and the growth of the Indian port sector. The company is also investing in new projects, such as the development of new ports and terminals, to expand its capacity and reach.
Analyst Comments
Analysts were positive on APSEZ’s second quarter results.
“APSEZ’s strong performance is a reflection of the continued recovery in the Indian economy,” said Rahul Jain, an analyst at ICICI Securities. “The company is well-positioned to continue to grow in the coming quarters.”
“APSEZ’s investment in new projects is a positive sign,” said Manish Shah, an analyst at Edelweiss Securities. “The company is expanding its capacity and reach, and is well-positioned to grow in the long term.“
Conclusion
APSEZ’s second quarter results were strong, reflecting the continued recovery in the Indian economy. The company is well-positioned to continue to grow in the coming quarters.
