Adani Ports Q2 profit jumps 37% to ₹2,413 cr on volume surge

Gautam Adani-led Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday reported a 37% growth in profit for the July-September quarter of FY 2024-25 at ₹2,413 crore compared with ₹1,762 crore in the corresponding quarter last year. The Adani Group company's revenue for the said quarter rose 6% YoY to ₹7,067 crore from ₹6,646 crore in the year-ago quarter.

The EBITDA income for the second quarter grew 13% to ₹4,369 crore as compared to ₹3,880 crore in the year-ago period. For the fiscal year so far (H1 FY25), Adani Ports continued earnings momentum with H1 FY25 PAT up 42% YoY to ₹5,520 crore. In the first half year, the company says the cargo volume grew 9% YoY to 220 MMT, while EBITDA grew 21%. Operating revenue grew by 13% YoY to ₹14,627 core, while the ports' revenue increased by 11% YoY to ₹12,824 crore.

The company also completed the acquisition of Gopalpur Port and Astro Offshore in Q2 and signed 2 new port concession agreements.

In its guidance, Adani Ports says it is "well-positioned" to hit the upper end of FY25 EBITDA guidance of ₹17,000-18,000 crore. The company has reiterated FY25 cargo volume guidance of 460 MMT-480 MMT.

“We are pleased to witness continued growth, with our ports delivering strong volume ramp-ups and new capacity additions progressing as planned in Gopalpur, Vizhinjam and Colombo,” says Ashwani Gupta, whole-time director & CEO, Adani Ports and Special Economic Zone Limited (APSEZ).

“During the quarter, we also diversified our marine fleet, adding 26 offshore support vessels. Mundra Port’s milestone of crossing 100 MMT in 181 days and our cargo volume trajectory reaffirm our confidence in delivering our FY25 cargo guidance and hitting the upper end of our EBITDA guidance for the year."

Operational highlights (H1 FY25)

• Adani Ports clocked 9% growth in cargo volume to 220 MMT

• The growth was primarily driven by a 19% surge in containers volume

• Mundra Port crossed 100 MMT mark in 181 days (101.1 MMT in H1)

• Vizhinjam port docked the largest cargo ship ever to arrive in South Asia (MSC Claude Girardet)

• Container volume at MMLPs increased by 21% YoY to 215,958 TEUs

Adani Ports shares are trading 0.22% up at ₹1,356.20, 15.5% lower than its 52-week high of ₹1,607.95 on the BSE. At the current share price, the company's m-cap stands at ₹2,92,331.60 crore.

During the previous quarter (Q1 FY25), the company's revenue grew by 21% YoY to ₹7,560 crore, while EBITDA (excluding forex) jumped 29% to ₹4,848 crore and net profit jumped 47% to ₹3,113 crore. Domestic Ports had contributed ₹3,990 crore to EBITDA income and logistics contribution was at ₹144 crore.