Adani Ports' net profit almost doubles in Q1 FY22
The company is on track of becoming the first port to be carbon neutral by 2025
APSEZ and IOC to build on relationship at Mundra Port
Ahmedabad: Adani Ports and Special Economic Zone Limited (APSEZ), a part of the diversified Adani Group, on Tuesday reported 77 per cent jump in net profit for the April-June quarter of FY22 on the back of higher cargo volumes and rising market share. The company reported Q1 FY22 net profit of Rs 1,342 crore as compared to Rs 758 crore in the year-ago period.
Its consolidated revenue also almost doubled to Rs 4,557 crore as compared to Rs 2,293 crore in the same period of previous year, registering a growth of 99 per cent. "The results are a validation of the strong fundamentals of the APSEZ strategy leading to a continued gain of market share as the company transforms into a full-fledged pan-India Ports & Logistics platform," Karan Adani, CEO and Whole Time Director of APSEZ.
"Our strategy of establishing a network of world-class ports to balance cargo across the east and west coast has been tracking precisely as per plan, thereby continuing to de-risk our growth as well as lay the foundation of a broader logistics platform." The CEO added that the company has raised our target cargo volumes to 350-360 MMT, which translates to unprecedented YoY growth of about 45 per cent.
