Adani Ports and Special Economic Zone Ltd. (APSEZ) announced its impressive financial results for the second quarter and the first half ending September 30, 2023, displaying substantial growth in key metrics.
The company reported a strong year-over-year revenue growth of 26 per cent, reaching Rs 12,894 Crores during H1 FY24, with the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) recording an impressive 49 per cent growth to Rs 7,429 Crores.
Profit After Tax (PAT) also saw a significant increase of 33 per cent year-over-year, reaching Rs 3,881 Crores, while the port EBITDA margin expanded by 220 basis points (bps) year-over-year to 72 per cent in H1 FY24.
APSEZ celebrated a record cargo volume of 203 MMT during H1 FY24 across its 8 ports and terminals, with Mundra Port, the flagship port, achieving a milestone of handling over 16 MMT of cargo in a month and reaching 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, contributing to a 14 per cent year-over-year increase in cargo volume and improved operational efficiencies.
Karan Adani, CEO and Whole Time Director of APSEZ, expressed satisfaction with the company’s outstanding performance, highlighting the achievements in revenue, EBITDA, and cargo volumes. He also mentioned the funding commitment of USD 553 million for the under-construction port in Sri Lanka and significant growth in the logistics business during H1 FY24.
Furthermore, APSEZ showcased its commitment to environmental sustainability by achieving a 48 per cent reduction in emission intensity and a 58 per cent reduction in water intensity from the base year (FY2016) as of H1 FY24. The company also completed a mangrove plantation of 4,200 Ha and received a score of 65 in S&P (DJSI) ESG assessment, ranking it in the top 4 per cent globally in the Transport and Transport infrastructure sector.
Overall, APSEZ’s strong financials, strategic expansions, and focus on environmental sustainability position the company for sustained growth and success. (ANI)
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