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Adani Ports and Special Economic Zone reported a 11.3 per cent rise in revenue in the June quarter to ₹6,956 crore, while net profit rose 47.2 per cent on year to ₹3,112.8 core aided by a gain of ₹603 crore on divestment of stake in a subsidiary.
Cargo growth during the quarter was a modest 8 per cent, with 109 million tonnes (mt) of cargo being handled. The company said FY25 has started off on a strong note, and pointed out that due to temporary disruption in Gangavaram Port it lost 5.7 mt and reported a lower cargo volume growth.
It won two port concessions in the quarter and the operation, maintenance contract for another port.
Its bottomline was boosted by divestment of 49 per cent stake in subsidiary Adani Ennore Container Terminal for consideration of ₹248.54 crore and recorded a gain of ₹603.27 crore in the profit and loss statement.
Cargo growth
The growth in cargo was driven by containers and liquid and gas, that grew in the middle to high teens. Mundra port handled the highest every quarterly volume at 51 mt. Container volume handled increased 27 per cent on year to 103,784 TEUs.
Rail cargo went up 19 per cent to 1.6 lakh tonnes.
Port concessions
It signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port. CT2, with four berths, has an annual cargo handling capacity of 1 million TEUs and managed 8.2 lakh TEUs of containers in 2023.
It also signed a letter of intent (LoI) to develop, operate and maintain a berth at Deendayal Port for 30 years and another LoI for a five-year O&M of container facility at Netaji Subhas Dock at Syama Prasad Mookerjee Port, Kolkata. Netaji Subhas Dock is the largest container terminal on the eastern coast of India and handled 6.3 lakh TEUs in FY24. APSEZ’s presence at the port will drive synergies with upcoming trans-shipment hubs at Vizhinjam and Colombo.
In the logistics segment, the port operator’s rakes count increased to 131 from 127 at FY24-end and warehousing capacity increased to 2.9 million sq ft with the addition of warehouse at Palwal from 2.4 million sq ft last year.
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