Ahmedabad (Gujarat) [India], August 1 (ANI): Adani Ports and Special Economic Zone on Thursday reported that its net profit or profit after tax jumped 47 per cent year-on-year during the April-June quarter to Rs 3,107 crore, its earnings results showed.
During the same period of the corresponding year, the net profit was Rs 2,119 crore.
The Adani Group’s ports business’ revenue from operations grew 21 per cent during the quarter to Rs 7,560 crore, as against Rs 6,248 crore registered in the 2023 quarter.
“2024-25 has begun on a strong note for us with a 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, which is now fully restored, our Q1 cargo volume would have been at 114.7 MMT, a 13 per cent increase,” said Ashwani Gupta, Whole-time Director and CEO, APSEZ, as per a company statement.
“On the growth front, we won two new port concessions and a port O&M (operation and management) contract. We are proud that four of our ports featured in World Bank’s Container Port Performance Index 2023,” said Ashwani Gupta,
During the quarter, it clocked 109 million tonnes of cargo volume, up 8 per cent year-on-year. The growth was primarily driven by containers (up 18 per cent) and Liquids and Gas (up 11 per cent).
The company said it had a temporary disruption, leading to a loss of 5.7 million tonne at its Gangavaram Port, which is now fully restored.
Mundra port in Gujarat handled the highest-ever quarterly volume by any Indian port, at 51 million tonne.
Mundra, Kattupalli, Hazira, and Krishnapatnam featured in the World Bank’s Container Port Performance Index 2023. The index benchmarks ports globally across multiple parameters including productivity, efficiency and reliability.
During the period, Adani Ports signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port, Tanzania. It has four berths, with an annual cargo handling capacity of 1 million TEUs (twenty-foot equivalent). It managed 0.82 million TEUs of containers in 2023.
The first mothership arrived at the Vizhinjam Port, India’s first transhipment port equipped with South Asia’s most advanced container handling technology.
Adani Ports has seven strategically located 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 eight ports and terminals on the East coast of India (Haldia in West Bengal, Dhamra and Gopalpur in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry, representing 27 per cent of the country’s total port volumes. (ANI)
