Adani Ports Reports 47% Profit Jump and New Achievements in 2024
Adani Ports and Special Economic Zone (APSEZ) announced a significant 47% increase in net profit for the April-June quarter, reaching Rs 3,107 crore. This is a substantial rise from Rs 2,119 crore in the same period last year. The company’s revenue from operations also grew by 21%, totaling Rs 7,560 crore compared to Rs 6,248 crore in the previous year.
Financial and Growth Highlights
According to Ashwani Gupta, Whole-time Director and CEO of APSEZ, the company posted all-time high earnings despite a temporary disruption at Gangavaram Port. The port is now fully restored, and the company handled 109 million tonnes of cargo, an 8% year-on-year increase. The growth was driven by an 18% rise in container volume and an 11% increase in liquids and gas.
New Achievements
During the quarter, APSEZ won two new port concessions and a port operation and management contract. Four of its ports—Mundra, Kattupalli, Hazira, and Krishnapatnam—were featured in the World Bank’s Container Port Performance Index 2023. Mundra port in Gujarat handled the highest-ever quarterly volume by any Indian port, at 51 million tonnes.
APSEZ also signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port in Tanzania. The terminal has an annual cargo handling capacity of 1 million TEUs (twenty-foot equivalent units).
Strategic Locations
Adani Ports has seven strategically located ports and terminals on the west coast of India and eight on the east coast, representing 27% of the country’s total port volumes. The first mothership arrived at Vizhinjam Port, India’s first transhipment port equipped with South Asia’s most advanced container handling technology.
Doubts Revealed
Adani Ports -: Adani Ports and Special Economic Zone is a company in India that manages ports and special economic zones, which are areas where businesses get special benefits.
47% Profit Jump -: A 47% profit jump means the company made 47% more money than it did before. It’s like if you had 100 rupees and then you got 147 rupees.
Net Profit -: Net profit is the money a company makes after subtracting all its costs. It’s like your pocket money after you buy all the things you need.
Rs 3,107 crore -: Rs 3,107 crore is a way to say 31,070,000,000 rupees. It’s a very big number used in India to talk about money.
Revenue -: Revenue is the total money a company earns before taking out any costs. It’s like all the money you get before you spend any of it.
21% Growth -: 21% growth means the company made 21% more money than it did before. If you had 100 rupees, now you have 121 rupees.
Cargo -: Cargo is the goods or items that are transported by ships, planes, or trucks. It’s like the things you send or receive in packages.
Mundra Port -: Mundra Port is a big port in India where ships come to load and unload goods. It’s like a very busy bus stop, but for ships.
Tanzania Ports Authority -: Tanzania Ports Authority is an organization in Tanzania that manages the ports there. Tanzania is a country in Africa.
Mothership -: A mothership is a large ship that carries smaller ships or boats. It’s like a big bus that carries smaller cars.
Vizhinjam Port -: Vizhinjam Port is a new port in India where ships can come to load and unload goods. It’s like a new bus stop for ships.
