India’s Adani Ports says Q1 profit nearly doubles on higher volumes, tariffs

Adani Ports and Special Economic Zone, India’s largest private port operator, reported an 82.6% surge in first-quarter profit on Tuesday, helped by a jump in cargo volumes and as higher tariffs boost margins.

The company said its consolidated net profit rose to 21.15 billion rupees ($255.4 million) in the April-June quarter, from 11.58 billion rupees a year ago.

Its revenue from operations increased 23.5% to 62.48 billion rupees, boosted by a 12% growth in cargo volumes.

The company — which operates the largest container handling port in India, Mundra in Gujarat — kept its full-year revenue outlook of 240-250 billion rupees, implying year-over-growth of 15%-20%.

Adani Ports said results were helped by EBITDA margins at its ports business expanding by 150 basis points to 72%, mainly due to tariff hikes.

Cargo volume crossed 100 million metric tonnes (MMT) in the latest quarter, putting the company on course for full-year volume of 370-390 MMT, said CEO Karan Adani, son of billionaire Gautam Adani, who controls the Adani group of companies.

This report’s information was first seen on Zawya.com; to read more, click this link.