Adani Ports’ Q2 PAT up 65%

The company said records were set in the first half (Apr-Sep) of the current fiscal . 

“H1 FY23 is a record half-year in APSEZ’s history, with the highest ever cargo volume, revenue and EBITDA,” said Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone. “Extending this strong performance into October, APSEZ achieved 200 MMT of cargo through-put within seven months, another new milestone.”

For H1 FY23, this record cargo volumes have resulted in a 24% Y-o-Y jump in Port EBITDA, while the EBITDA of the logistics business jumped 57% Y-o-Y. The margin expansion of the logistics segment continued with a 470 bps Y-o-Y jump on the back of better utilization of assets and increased share of the GPWIS (general purpose wagon investment scheme)revenue stream, the company said post the results. 

Post approval from NCLT in October, Gangavaram Port Limited (GPL) is now fully integrated with APSEZ. The acquisition of GPL is priced at around ₹6,200 Cr (517 mn shares @ ₹120/share), said APSEZ in an update on Gangavaram. The acquisition of 58.1% stake from DVS Raju & family has been through a share swap arrangement that resulted in issuance of around 47.7 mn APSEZ shares to the erstwhile GPL promoters.

The stock ended up 2.27% at ₹841.75 amid the results . The stock has made a 52 week high of ₹987.90 and a 52 week low of ₹652.05 .