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Tuesday, 19 March 2024 1.08 PM IST

Adani Ports revenue jumps over 20% in 2023

adani-ports

AHMEDABAD: Adani Ports and Special Economic Zone Ltd (APSEZ), announced its results for the fourth quarter and year ended March 31, 2023.

FY23 has been a stellar year for APSEZ in operational as well as financial performance. The company has overachieved against its highest-ever revenue and EBITDA guidance provided at the beginning of the year. Our strategy of geographical diversification, cargo mix diversification, and business model transition to a transport utility is enabling robust growth, said Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.

Over the last 5 years, APSEZ’s revenue and EBITDA have grown at a CAGR of 16-18%, while the company’s domestic market share jumped 800bps to ~24% in FY23. APSEZ did record investments of around Rs 27,000 Cr in FY23, which includes six major acquisitions totaling around Rs 18,000 Cr and organic capex of around Rs 9,000 Crs. These investments were primarily financed through internal accruals and the cash and cash equivalents held with the company. As a result, gross debt to fixed asset ratio has declined sharply from 80% in FY19 to around 60% in FY23. The investments made along with the five bid wins during the year, will enable APSEZ to achieve its targeted cargo volumes of 500 MMT in 2025 and speed up the transition of the business model to a transport utility” added Karan Adani.

Operational Milestones
APSEZ recorded its highest-ever port cargo volumes at 339 MMT in FY23, which is a good ~9% Y-o-Y jump
APSEZ recorded its highest-ever port cargo volumes at 339 MMT in FY23, which is a good ~9% Y-o-Y jump of 354 days in FY22
Two of APSEZ’s ports (Mundra and Krishnapatnam) are featured in the top 10 ports of India for their annual cargo volumes
Mundra continues to be the largest commercial port of India with cargo volumes of 155 MMT (150 MMT achieved in record 355 days vs 365 days in FY22)
Mundra continues to be the largest container handling port with 6.64 Mn TEUs in FY23 (10% higher than its closest competitor)
Logistics rail volumes crossed a milestone of 500,000 TEUs during the year
GPWIS cargo volumes grew by 63% Y-o-Y to 14.35 MMT


Mundra and Krishnapatnam Ports saw the arrival of the largest ships while seven ports/terminals handled the largest parcel size vessels of their lifetime in FY23
Its net profits (Profit After Tax) increased three per cent in the January-March 2023 quarter to Rs 1,141 crore and 9 per cent for the entire year 2022-23 to Rs 5,393 crore.
The Adani company's revenue increased 40 per cent in the January-March quarter to Rs 5,797 crore, and 22 per cent in the entire year 2022-23 to Rs 20,852 crore.
The company's strategy of geographical diversification, among others, enabled robust growth, Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone, said.


Adani Ports made record investments of around Rs 27,000 crore in 2022-23, which included six major acquisitions totalling around Rs 18,000 crore and organic capex of around Rs 9,000 crore, it said on Tuesday.


For 2023-24, total capital expenditure during the year is expected to be Rs 4,000-4,500 crore.


In 2022-23, it recommended a dividend of Rs 5 per share with a payout of around Rs 1,080 crore. A dividend is a reward that companies often provide to their shareholders, though not mandatory, from a portion of their earnings.


In 2022-23, Adani Ports handled 339.2 million tonnes of cargo, which is 9 per cent higher on a yearly basis.


Cargo volumes are expected to be at 370-390 MMT in 2023-24, resulting in a revenue of Rs 24,000-25,000 crore.

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