India-based Adani Ports and Special Economic Zone (APSEZ) has reported a 17% decline in profit after tax (PAT) to $137.2m (Rs10.92bn) in the first quarter (Q1) of FY2023 compared to $165m (Rs13.13bn) in Q1 FY2022.

The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 11% to $377.6m (Rs30.5bn) as against $341.3m (Rs27.16bn) in the prior year’s quarter.

Adani Ports’ revenue decreased by 1% to $582.9m (Rs46.38bn) this quarter, versus $587m (Rs46.71bn) in the same quarter last fiscal.

The company registered an 8% year-on-year (Y-o-Y) growth in cargo handling, with 90.89MMT in the first quarter of this year compared to last year’s 84.36MMT.

Cargo volume growth, improved realisation and the acquisition of third-party marine services provider Ocean Sparkle enabled an 18% increase in the port revenue to $514m (Rs40.9bn) in the first quarter.

Both the Mundra and non-Mundra ports registered a similar growth rate, while the non-Mundra ports contributed 53% to the cargo segment, stated Adani Ports.

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The company also reported that the Adani Ports and Gadot Group consortium secured a bid to take over a 100% interest in the Haifa Port Company for $1.13bn.

APSEZ whole-time director and CEO Karan Adani said: “Q1 FY23 has been the strongest quarter in APSEZ’s history, with a record cargo volume and highest ever quarterly EBITDA.

“This is an 11% jump on a robust performance in the corresponding quarter last year that witnessed the post-Covid demand surge.

“The company continued this strong performance in July and recorded 100MMT of cargo through-put in the initial 99 days of FY23, a feat never achieved before.”