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Adani Ports Q1FY24 Financial Result

Record quarterly cargo, revenue and EBITDA


Ahmedabad, 8 August 2023: Adani Ports and Special Economic Zone Ltd (“APSEZ”), today announced its results for the first quarter ended 30 June 2023.

(Amounts in Rs Cr)

Particulars Q1 FY24 Q1 FY23 Y-o-Y Change
Cargo (MMT) 101.4 90.9 12%
Revenue 6,248 5,058 24%
EBITDA# 3,765 2,089 80%
PAT 2,119 1,177 80%

# EBITDA includes the impact of forex mark-to-market gain or loss. In Q1 FY24, forex gain is Rs 10.93 Cr and in Q1 FY23, forex loss is Rs 1201.14 Cr.

APSEZ delivered its strongest ever quarterly operating performance during Q1 FY24, with highest ever quarterly cargo volumes, revenue, EBITDA and around 200bps jump in domestic market share, despite over 50% of the company’s total port capacity being adversely impacted for around 6 days due to the cyclone Biparjoy, said Mr. Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.

Our continuous efforts on improving operational efficiencies have resulted in domestic ports business EBITDA margin of 72% and logistics business EBITDA margin of 28%, which is higher than the reported margins of listed peers from India. Our newly acquired assets, Haifa Port and Karaikal Port, have ramped up well with monthly cargo volumes now touching 1 MMT mark at the two ports. With our cargo volumes crossing 100 MMT during the quarter, we are well on course to achieve our FY24 cargo volume guidance of 370-390 MMT.” added  Karan Adani. 

Operational Milestones:

APSEZ transforming India’s port sector: With industry leading average turnaround time (TAT) for ships at ~0.7 days, APSEZ has been a benchmark for other Indian ports and have driven the improvement in the TAT of major ports from ~5 days in 2011 to ~2 days currently. 

Guidance for FY24: Cargo volumes expected at 370-390 MMT resulting in a revenue of Rs 24,000-25,000 Cr and EBITDA of Rs 14,500-15,000 Cr. Total capex during the year is expected to be Rs 4,000-4,500 Cr.


Operational Highlights

Ports Business

Logistics Business

Other Updates


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