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Revenue from operations declined 0.71% to Rs 4,637.95 crore in Q1 FY23 from Rs 4,671.19 crore reported in Q1 FY22. The company's profit before tax stood at Rs 1030.44 crore in the first quarter, down 29.05% from Rs 1452.39 crore recorded in the same period last year. Consolidated revenue (excluding Gangavaram) was almost flat YoY at Rs 4,638 crore, given the Rs 725 crore declined in revenue from the SEZ business segment. This decline was well in line with company's expectation and was factored in its full year guidance for FY23. Consolidated EBITDA (excluding Gangavaram) grew by 11% to Rs 3,005 crore on the back of revenue growth for the Ports and Logistics business. Karan Adani, CEO and whole time director of Adani Ports and Special Economic Zone, 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 postCovid demand surge. The company continued this strong performance in July and recorded 100 MMT of cargo through-put in the initial 99 days of FY23, a feat never achieved before. This performance was delivered by both the businesses - ports and logistics. The ports business, on the back of 8% Y-o-Y growth in volumes, delivered a 18% jump in EBITDA. The logistics business too experienced a robust growth, with EBITDA increasing 56% Y-o-Y. The EBITDA margin of the logistics business expanded 370s bps due to economies of scale and increased share of the General-Purpose Wagon Investment Scheme (GPWIS) revenue stream. The GPWIS cargo volumes more than doubled to 3.11 MMT on Y-o-Y basis. Revenue from the logistics business stood at Rs 360 crore, a growth of 34% on account of improving container and terminal traffic, and also the bulk segment with overall increase in the rolling stock. Both the Mundra and non-Mundra ports had a similar growth rate, and the non-Mundra ports contributed 53% to the cargo basket. Mundra continues to be India's largest container handling port with 1.65 million TEUs in Q1 FY23 from 1.48 million TEUs by Jawaharlal Nehru Port (JNPT) in Q1 FY23. Three ports of APSEZ (Mundra, Hazira, and Dahej) have achieved record quarterly volumes. Mundra achieved 50 MMT cargo volumes in just 111 days. Karan Adani added, “Our strategy of connecting port gate to customer gate through an integrated utility model is starting to yield results. We are confident of achieving our full year guidance of 350-360 MMT cargo volumes and EBITDA of Rs 12,200-12,600 crore. APSEZ remains committed to its philosophy of ensuring sustainable growth in partnership with our key stakeholders.” Adani Ports & Special Economic Zone is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to port at Mundra. Powered by Capital Market - Live News
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