Shares of Adani Ports & Special Economic Zone Ltd. erased losses to surge to the day’s high after reporting its December quarter results on Thursday.

Net profit for India’s largest port operator increased by 67.8% from last year to ₹2,208.4 crore.

Revenue for the quarter also went up by 44.6% to ₹6,920.1 crore from ₹4,786.1 crore during the same period last year.

EBITDA or Earnings Before Interest, Tax, Depreciation and Amortisation also increased by nearly 60% from last year to ₹4,292 crore, from ₹2,698 crore.

EBITDA margin expanded by 600 basis points to 62% from 56% last year.

Adani Ports’ cargo volumes had risen 42% in December 2023 with portfolio ports delivering 300 MMT Cargo milestone in 266 days.

For the first nine months of financial year 2024, Adani Ports handled 311 MMT of cargo, which grew by 23% year-on-year.

Quarterly cargo volumes for the October-December period was also the highest ever at 108.6 MMT. Rail volumes for the quarter increased by 17% from last year to 1.57 lakh TEUs.

“Adani Ports recorded its strongest ever Q3 and nine-month performance with the highest ever revenue, EBITDA and cargo volumes and is on course to overachieve its full-year guidance provided at the start of the year,” said Ashwani Gupta, the CEO of Adani Ports.

Shares of Adani Ports reversed losses and are trading 1.5% higher at ₹1,225.95 post the results announcement.
Source: CNBCTV18