APSEZ clocks Impressive FY24 Performance with 50% Increase in Net Profit

Adani Ports and Special Economic Zone Ltd (APSEZ) has marked a remarkable fiscal year 2024, boasting a 50% surge in net profit, as announced in its latest press release today. The company’s stellar performance is attributed to its strategic growth initiatives, operational efficiencies, and robust financial management.

Key Financial Highlights:

The fiscal year ending March 31, 2024, witnessed substantial growth across various financial parameters:

  • Cargo Volume Surge: APSEZ recorded a 24% year-on-year increase in cargo volume, reaching an impressive 420 Million Metric Tons (MMT), outpacing the industry growth rate by threefold.
  • Revenue Growth: The company’s revenue surged by 28% year-on-year, reaching a record high of Rs 26,711 crore, underlining its robust operational performance and market leadership.
  • EBITDA and PAT: APSEZ reported a significant jump in EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), soaring by 44% year-on-year to Rs 15,751 crore. Moreover, the Profit After Tax (PAT) witnessed a substantial growth of 50% year-on-year, totaling Rs 8,104 crore.
  • Debt Management: The company demonstrated prudent debt management, with the Net Debt to EBITDA ratio improving to 2.3x compared to 3.1x in the previous fiscal year, reflecting a strengthened financial position.

Operational Milestones:

APSEZ’s operational achievements further solidify its position as a leader in the industry:

  • Cargo Handling: In FY24, APSEZ accounted for approximately 27% of the nation’s total cargo and a remarkable 44% share of container cargo, showcasing its dominance in the market.
  • Domestic Cargo Growth: The company witnessed a substantial 21% year-on-year growth in domestic cargo volumes, significantly surpassing the national cargo growth rate of 7.5% for the fiscal year.
  • Port Performance: Mundra Port, APSEZ’s flagship facility, emerged as a standout performer, handling 180 MMT of cargo and setting the stage to cross the 200 MMT mark in the upcoming fiscal year.
  • Infrastructure Investments: APSEZ continued its strategic expansion with the acquisition of Gopalpur Port and Karaikal Port, augmenting its portfolio to 15 ports across India. Additionally, the company’s foray into the logistics segment with the launch of trucking services highlights its commitment to providing end-to-end solutions to customers.

Future Outlook:

Looking ahead, APSEZ remains optimistic about its growth trajectory:

  • Cargo Volume Projection: The company aims to achieve cargo volumes ranging from 460 to 480 MMT in the fiscal year 2025, further consolidating its market leadership position.
  • Revenue and EBITDA Targets: APSEZ anticipates revenue in the range of Rs 29,000 to 31,000 crore and EBITDA between Rs 17,000 to 18,000 crore for FY2025, underscoring its confidence in sustaining robust financial performance.
  • Debt Management and Capex: With a targeted Net Debt to EBITDA ratio of 2.2 to 2.5x and a planned capital expenditure ranging from Rs 10,500 to 11,500 crore, APSEZ remains committed to prudent financial management and strategic investments to drive sustainable growth.

Mr. Ashwani Gupta, Whole-Time Director & CEO of APSEZ, expressed his optimism about the company’s future prospects, citing its strong operational foundation, strategic partnerships, and focus on sustainable business practices.

With a track record of delivering exceptional performance and a clear roadmap for future growth, APSEZ is poised to continue its trajectory as a leading player in India’s maritime and logistics sector.

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