Adani Ports Q4 profit zooms 77% to ₹2,015 cr; revenue up 19%

Adani Ports and Special Economic Zone Ltd (“APSEZ”) has reported 77% growth in its net profit for January-March quarter 2023-24 at ₹2,015 crore on a year-on-year basis. The company's revenue saw 19% growth at ₹6,897 crore in Q4 FY24, while EBITDA income grew 23% to ₹4,029 crore.

Adani Ports' volume growth was recorded at 108.7 MMT in Q4 FY24, a YoY change of 26% from 86.3 in the year-ago period.

“FY24 has been a year of many new milestones for APSEZ on both operational and financial metrics. APSEZ outperformed its upper end of guidance provided at the beginning of the financial year on cargo, revenue, and EBITDA by 6%-8% while closing the year with net debt to EBITDA ratio of 2.3x vs its guidance of 2.5x," says Ashwani Gupta, Whole-Time Director & CEO, APSEZ.

He says APSEZ aims to achieve 500 MMT of cargo volumes in 2025, and Gopalpur Port could provide a much-needed boost in achieving this target.

For the full fiscal year FY24, Adani Ports and SEZ says its revenue grew 28% YoY to ₹26,711 crore, supported by a 30% jump in ports business revenue and 19% in logistics business.

EBITDA jumped 24% to ₹15,864 crore, with ₹15,246 crore, contributed by the ports business and ₹540 crore by the logistics business. The profit for FY24 was recorded at ₹8,104 crore, up 50% YoY.

The company, in its yearly update, says in FY24, APSEZ handled 27% of the country’s total cargo and 44% of the container cargo. Its domestic cargo volumes grew 21% YoY vs 7.5% growth in India’s cargo volumes in FY24.

"With cargo volumes of 180 MMT (+16% Y-o-Y) in FY24, our flagship port, Mundra, is well placed to cross the 200 MMT mark in FY25," says the company, adding that Mundra Port handled 7.4 million TEUs during the year.

During the quarter, Adani Ports says it was assigned a ‘AAA’ rating by CARE Ratings making the company the “first private corporate infrastructure developer” to be rated AAA.

In its guidance for FY25, Adani Ports says it estimates cargo volumes to grow at 460-480 MMT and revenue could rise to ₹29,000-31,000 crore. Capex for the fiscal year is expected to be in the range of ₹10,500-11,500 crore while EBITDA could rise to ₹17,000-18,000 crore.

The Adani Ports board also recommended a dividend of ₹6 per equity share of ₹2 each fully paid up for FY24. The company has fixed June 14, 2024, as the record date for determining entitlement.

Amid the development, Adani Ports' share surged 1.20% to ₹1,340.75 on BSE. The stock is currently trading 5.9% lower against a 52-week high of ₹1,425 touched on April 2, 2024. The company's m-cap at the current share price stands at ₹2.8 lakh crore. The share of Adani Ports has seen a 96.82% rise in the past year, while the scrip has risen 27.94% in the year-to-date period.