India’s Adani profit up by 76% in Q4 ’23

Adani Ports and Special Economic Zone (APSEZ), India’s largest private port operator, reported a stellar fourth quarter, with profits surging 76 per cent year-on-year, Reuters reported on Thursday. This impressive performance was fuelled by record cargo volumes handled by the company.

APSEZ’s consolidated net profit reached 20.40 billion rupees ($244.6 million) in Q1 2024, a significant jump from 11.58 billion rupees reported in the same period last year.

The growth can be attributed to a busy start to 2024, reflected in the company’s highest ever quarterly cargo volumes of 109 million metric tons (MMT) during the January-March period.

This strong cargo movement recorded 19 per cent increase in revenue, reaching 68.97 billion rupees.

The company recently highlighted that over a quarter of India’s total cargo volume for FY24 passed through its ports, with a growing share originating from its non-Mundra facilities.