Adani Ports and Special Economic Zone (APSEZ) has announced that its net profit for the first quarter that ended in June decreased by 16 percent year-on-year (YoY) to a total of Rs 1,072.4.
Claims by Karan Adani
Karan Adani, the CEO and full-time director of APSEZÂ claimed “Q1 FY23 was the greatest quarter in APSEZ’s history” This fall was primarily caused by a loss in foreign currency.
According to a filing with the regulatory authorities, the most extensive integrated logistics company in the nation had recorded a consolidated net profit of Rs 1,312.9 crore during the same time period the previous year.
Its overall revenue for the quarter ending in June increased to 5,099.25 crores, up from 5,073 crores in the first quarter of the fiscal year 22.
In addition, the overall costs of the firm rose from the previous level of Rs 3,660.28 crore to the current level of Rs 4,174.24 crore.
Profit earned:
APSEZ said that it had its highest-ever quarterly cargo, which came in at 91 MMT. The rise in the amount of freight was led by dry cargo, which saw a growth of 11.2%, followed by containers, which had a growth of 3.2%, and liquids, which included crude oil.
The vehicle sector had a volume increase of 120%, even though it only accounts for a tiny percentage of total volumes. The growth rates of the Mundra and non-Mundra ports were comparable to one another. According to the information provided by the firm, the non-Mundra ports were responsible for contributing 53% of the total cargo.
“Q1 FY23 has been the best quarter in APSEZ’s history, with a record cargo volume and highest ever quarterly EBITDA,” said Karan Adani, chief executive officer and whole-time director of APSEZ, in a statement. “Q1 FY23 has been the strongest quarter in APSEZ’s history.”
The EBITDA margin for the reporting quarter was 38.9 percent, much lower than the 48.5 percent it was for the same time in the prior fiscal year’s comparable quarter.
Golden Year for Adani:
Karan Adani, the CEO, and full-time director of Adani Ports said that the first quarter of FY23 had been the most successful in the history of APSEZ. This was attributed to the record-breaking cargo volume as well as the highest quarterly EBITDA. This is an increase of 11 percent from the solid performance that was shown in the comparable quarter of the previous year, which experienced the post-COIVD demand boom.
The ports business was responsible for an increase in EBITDA of 18 percent, which was achieved based on an increase in volumes of 8 percent year over year. Additionally, the logistics company was able to achieve significant growth, as seen by an increase in EBITDA of 56% year over year. Because of greater economies of scale and a larger proportion of income coming from the General-Purpose Wagon Investment Scheme (GPWIS), the EBITDA margin of the company’s logistics segment grew by 370 basis points.
