Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday clocked a 47 per cent rise in its consolidated net profit to Rs 3,107 crore in the April-June quarter (Q1) of the current financial year on account of higher income. It had reported a net profit of Rs 2,119 crore in the April-June period of FY24, the company said in a filing.
Total income surged to Rs 8,054.18 crore in the quarter under review from Rs 6,631.23 crore in the year-ago quarter. Expenses rose to Rs 4,238.94 crore in the period from Rs 4,065.24 crore a year ago.
"FY25 has begun on a strong note for us with stellar performance on both financial and growth fronts. On the financial front, we posted all-time high earnings. But for the temporary disruption in Gangavaram Port, which is now fully restored, our Q1 cargo volume would have been at 114.7 MMT, a 13 per cent increase. On the growth front, we won two new port concessions and a port O&M contract. We are proud that four of our ports featured in World Bank’s Container Port Performance Index 2023,"said Ashwani Gupta, Whole-time Director and CEO, APSEZ.
APSEZ signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port, Tanzania. CT2, with four berths, has an annual cargo handling capacity of 1 million TEUs and managed 0.82 million TEUs of containers in 2023.
It received a LOI for development, operation and maintenance of Berth No. 13 at Deendayal Port. The Company has been awarded this LOI for a 30-year concession period through a competitive bidding process.
APSEZ got LOI for five-year O&M of container facility at Netaji Subhas Dock at Syama Prasad Mookerjee Port, Kolkata. Netaji Subhas Dock is the largest container terminal on the eastern coast of India and handled 0.63 million TEUs in FY2023-24. APSEZ’s presence at the port will drive synergies with upcoming trans-shipment hubs at Vizhinjam and Colombo.