Adani Ports & SEZ Reports 47% YoY Rise in Q1FY25 PAT

1 Aug 2024 , 01:35 PM

Adani Ports and Special Economic Zones (APSEZ) announced a 47% year-on-year increase in its consolidated net profit, reaching ₹3,113 Crore for the April-June quarter of fiscal 2024-25 (Q1FY25). This significant growth was bolstered by ₹600 Crore gain from the divestment of a stake in a container terminal subsidiary and an increase in total revenues.

The company had posted a net profit of ₹2,115 Crore in the same quarter last year. The port operator’s revenue from operations for Q1FY25 stood at ₹6,956 Crore, an 11% rise compared to ₹6,247.6 Crore in the corresponding period of the previous fiscal year.

During the quarter, Adani Ports completed the divestment of a 49% equity stake in Adani Ennore Container Terminal Pvt Ltd, a subsidiary of the company. This transaction yielded ₹248.54 Crore and resulted in a gain of ₹603.27 Crore, which was recorded in the statement of profit and loss.

Total volume handled by APSEZ during Q1FY25 was 109 million metric tonnes (MMT), up 7.6% year-on-year and flat quarter-on-quarter. The company noted a loss of 5.7 MMT in cargo volume due to a disruption at Gangavaram Port.

Commenting on the results, Ashwani Gupta, Whole-time Director & CEO of APSEZ, stated, “On the financial front, we posted all-time high earnings. But for the temporary disruption in Gangavaram Port, which is now fully restored, our Q1 cargo volume would have been at 114.7 MMT, a 13% increase.”