Adani Ports Q3 result: Net profit declines 12.94% to Rs 1,336.51 crore
The country's largest integrated logistics player had clocked a consolidated profit of Rs 1,535.28 crore a year ago, according to a regulatory filing. Its total consolidated income increased to Rs 5,051.17 crore in the December 2022 quarter from Rs 4,713.37 crore in the year-ago period.
Adani Ports and Special Economic Zone (APSEZ) on Tuesday reported a 12.94 per cent decline in consolidated profit to Rs 1,336.51 crore for the third quarter ended December 2022.
The country's largest integrated logistics player had clocked a consolidated profit of Rs 1,535.28 crore a year ago, according to a regulatory filing.
Its total consolidated income increased to Rs 5,051.17 crore in the December 2022 quarter from Rs 4,713.37 crore in the year-ago period.
The company's total expenses in October-December 2022 rose to Rs 3,507.18 crore compared to Rs 2,924.30 crore in the year-ago period.
Also Read: Bed Bath & Beyond moves to raise $1 billion to avoid bankruptcy
Karan Adani, chief executive officer and whole-time director of APSEZ, said, "The company also concluded the transactions of Haifa Port Company, IOTL, ICD Tumb, Ocean Sparkle and Gangavaram Port, and is progressing well on transitioning its business model to a transport utility".
APSEZ is targeting FY24 EBITDA of Rs 14,500-15,000 crore, he added.
"Besides an estimated capital expenditure of Rs 4,000-4,500 crore, we are considering total loan repayment and prepayment of around Rs 5,000 crore, which will significantly improve our net debt to EBITDA ratio and bring it closer to 2.5x by March 24," Adani said.
APSEZ's net debt to EBITDA ratio is well within the company's guided range of 3-3.5x, he noted.
The company, in a statement, said it has handled 252.9 MMT (million metric tonnes) of cargo in the first nine months of the current fiscal.
Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
03:30 PM IST