Adani Port and Special Economic Zone Ltd. (APSEZ) has released its impressive financial results for the second quarter and first half ending September 30, 2023, indicating significant growth in key metrics.
The company saw a robust 26 percent year-over-year revenue increase, totaling Rs 12,894 Crores during H1 FY24. Furthermore, the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) showed an impressive 49 percent year-over-year growth, reaching Rs 7,429 Crores. Profit After Tax (PAT) also increased 33 percent compared to the previous year, reaching Rs 3,881 Crores. The port EBITDA margin also expanded 220 basis points (bps) to 72 percent in H1 FY24.
APSEZ marked record cargo volumes of 203 MMT during H1 FY24 across its 8 ports and terminals. Mundra Port, the flagship port, celebrated 25 years of successful operations, handling over 16 MMT of cargo in a month and achieving the 4 Mn TEUs milestone in just 203 days. The company also expanded its logistics business adding 11 rakes, Loni ICD, and warehouses at Mumbai and Indore during H1 FY24.
Karan Adani, CEO and Whole Time Director of APSEZ, expressed satisfaction with the company’s outstanding performance, noting a 14 percent year-over-year increase in cargo volume, and improved operating efficiencies contributing to the 72 percent domestic ports EBITDA during H1 FY24.
In addition, APSEZ’s under-construction port in Sri Lanka secured a funding commitment of USD 553 million from the US International Development Finance Corporation (DFC). The logistics business also recorded significant growth, with rail volumes up 25 percent year-over-year and GPWIS volumes up 42 percent year-over-year during H1 FY24.
APSEZ achieved an emission intensity reduction of 48 percent and a water intensity reduction of 58 percent from the base year (FY2016) as of H1 FY24. The company also completed a mangrove plantation of 4,200 Ha against its 2025 target of 5,000 Ha, and received a score of 65 (out of 100) from S&P (DJSI) in the top 4 percent globally in the Transport and Transport infrastructure sector in its 2023 ESG assessment.
Overall, APSEZ remains well-positioned for sustained growth, backed strong financials, strategic expansions, and a commitment to environmental sustainability.