Rephrase the title:APSEZ Q3 profit rises 65% to ₹2,208 cr

New Delhi, Adani Ports and Special Economic Zone (APSEZ) on Thursday reported 65.22 per cent rise in consolidated profit to Rs 2,208.21 crore for the third quarter ended December 2023. The country’s largest integrated logistics player had clocked a profit of Rs 1,336.51 crore a year ago, according to a regulatory filing.

Total income increased to Rs 7,426.95 crore in the quarter from Rs 5,051.17 crore in the year-ago period.

Total expenses rose to Rs 4,588.10 crore from Rs 3,507.18 crore a year ago

APSEZ CEO Ashwani Gupta said,”In the year when our first port, Mundra, completed 25 years of operation, APSEZ recorded its strongest ever Q3 and 9 months performance with the highest ever revenue, EBITDA, and cargo volumes.”

The company is on course to overachieve its full-year guidance provided at the start of the year, he added.

APSEZ in a statement said domestic cargo growth was over 2.5x India’s growth rate, with nine of its domestic ports/terminals recording their highest ever cargo volumes in 9 months.

Bond buy-back of USD 325 million concluded during 9 months (April-December) of FY24, which led to improvement in net debt to EBITDA to 2.5x vs 3.1x for FY23, it added.

The company said it completed acquisition of Karaikal Port and sale of Myanmar asset, while Colombo terminal received financing commitment of USD 553 million from DFC.

APSEZ has 7 ports and terminals on the west coast (Mundra, Tuna, Dahej, and Hazira in Gujarat, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and 7 ports and terminals on the East coast of India (Haldia in West Bengal, Dhamra in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry).