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July 22, 2024

Adani Ports’ Q2 profits increase with cargo volumes surge

Special Economic Zone and Adani Ports APSE. Strong cargo volumes were a major factor in NS, India’s largest private port operator, reporting a 69% increase in quarterly profit on Tuesday.

For the three months that concluded on September 30, the company’s combined earnings increased to 16.77 billion Indian rupees ($203 million). A year prior, it had posted a profit of Rs. 9.95 billion.

Operational revenue increased 33% from the previous year to 52.11 billion rupees.

The cooking oil to coal mining conglomerate Adani Group, led by Asia’s richest man Gautam Adani, includes Adani Ports.

According to Karan Adani, CEO of Adani Ports and Special Economic Zone, the company moved 200 million metric tonnes (MMT) of goods in just seven months.

Following the purchase of Gangavaram Port in the southern Indian state of Andhra Pradesh, Adani Ports’ portfolio currently consists of 12 ports spread out across the nation.
The company reported that it was on track to meet its full-year estimate of 350-360 MMT cargo volumes and 122 billion to 126 billion rupees in earnings before interest, taxes, and depreciation.

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