Adani Port and SEZ Limited on Monday released its financial results for the quarter ended June 30, 2022 and reported a 16 per cent decline in consolidated net profit at Rs 1,072 crore compared to Rs 1,278 crore in the same quarter last year.
On a sequential basis, the profit was 4.7 percent higher against Rs 1,024 crore earned during the March quarter of FY22.
Its revenue remained flat at Rs 4,638 crore compared to Rs 4,671 crore in the year ago quarter. Sequentially, the revenue was 20.6 percent higher than Rs 3,845 crore recorded in March quarter.
“Q1 FY23 has been the strongest quarter in APSEZ’s history, with a record cargo volume and highest ever quarterly EBITDA. This is a 11 per cent jump on a robust performance in the corresponding quarter last year that witnessed the post Covid demand surge,” said Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.
The ports business, on the back of 8 per cent year-o-year (YoY) growth in volumes, delivered a 18 per cent jump in EBITDA. The logistics business too experienced a robust growth, with EBITDA increasing 56 per cent YoY. The EBITDA margin of the logistics business expanded 370s bps due to economies of scale and increased share of the GPWIS revenue stream.
Adani Port attributed the flat revenue to the Rs 725 crore decline in revenue from the SEZ business segment. "This decline is well in line with our expectation and is factored in our full-year guidance for FY23," it said.
During the quarter, the company's operating margin improved to 65.25 per cent against 63.82 per cent in the corresponding quarter of the last fiscal year.
Shares of Adani Port and SEZ Ltd ended 1.08 per cent lower at Rs 801.25 apiece on the BSE on Monday.