Visakhapatnam, Aug 1 (UNI) Adani Ports and Special Economic Zone Ltd (“APSEZ”) on Thursday reported a 47 percent increase in its net profit to Rs 3,107 crore for the quarter ending June 30, 2024 as against Rs. 2,119 crore in the corresponding period in previous year.
Revenue during the month rose 21 percent to Rs 7,560 crore as compared to Rs 6,248 crore in the same quarter in last fiscal year, the company said in a release here.
“FY25 has begun on a strong note for us with stellar performance on both financial and growth fronts. On the financial front, we posted all-time high earnings. But for the temporary disruption in Gangavaram Port (Visakhapatnam), which is now fully restored, our Q1 cargo volume would have been at 114.7 MMT, a 13 percent increase”, said Mr. Ashwani Gupta, Whole-time Director & CEO, APSEZ.
“On the growth front, we won two new port concessions and a port O&M contract. We are proud that four of our ports featured in the World Bank’s Container Port Performance Index 2023,” he added.
During the quarter, APSEZ clocked 109 MMT of cargo volume (up 8 percent YoY).
The growth was primarily driven by Containers (up 18% YoY) and Liquids & Gas (up 11% YoY).
The company had a temporary disruption leading to a loss of 5.7 MMT at the Gangavaram Port, which is now fully restored while the Mundra port handled the highest quarterly volume by any Indian port (51 MMT).
Mundra, Kattupalli, Hazira, and Krishnapatnam featured in World Bank’s Container Port Performance Index 2023. The index benchmarks ports globally across multiple parameters including productivity, efficiency and reliability.
APSEZ secured 95 percentile score and retained its position as the top-ranked company in the low carbon transition rating within the port sector.
