The company reported a 99 per cent on-year rise in consolidated revenue from operations to Rs 4,557 crore in the reported quarter, which was also above analysts’ estimates.
The year-on-year growth was aided by the low base of the year-ago quarter that was adversely affected by the national lockdown to contain the spread of the Covid-19 infections as well as a global recession.
The recovery in the global economy during 2021 helped cargo volumes at the company jump 83 per cent year-on-year to 75.7 million tonnes. At the same time, its acquisitions over the past year has helped market share rise by 310 basis points to 28.6 per cent.
During the quarter, the port company’s operating profit jumped 82 per cent year-on-year to Rs 2,620 crore. However,
Ports’ operating margins took a sharp hit as they contracted 520 basis points on-year to 57.5 per cent likely due to higher costs.
The ports business had a strong quarter as revenues jumped 75 per cent to Rs 3,339 crore aided by the acquisition of two new ports over the past 12 months and recovery in global cargo volumes. Further, the ports business saw its operating margin expand 100 bps on-year to 71 per cent.
The logistics business reported a 34 per cent year-on-year growth to Rs 268 crore in the reported quarter with operating profit rising 44 per cent.
“We have raised our target cargo volumes to 350-360 MMT, which translates to unprecedented YoY growth of about 45%,” said Karan Adani, chief executive officer and whole-time director at Adani Ports.
Shares of Adani Ports were trading up 2.6 per cent at Rs 709.8 on the National Stock Exchange.
