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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

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.

See Also:

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”