APSEZ Reports 47% Profit Surge in June Quarter; Expands Operations in Tanzania

Adani Ports and Special Economic Zone Ltd (APSEZ) announced a 47% increase in consolidated net profit for the June quarter, reaching Rs 3,107 crore. The rise is attributed to higher income, particularly from ports and logistics. Notably, a temporary disruption at Gangavaram Port was restored, and significant expansions were reported in Tanzania and Vizhinjam Port.

Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday reported a 47 per cent increase in consolidated net profit to Rs 3,107 crore for the June quarter, driven by higher income.

The company had previously reported a net profit of Rs 2,119 crore in the same period of the previous financial year. Total income rose to Rs 8,054.18 crore, up from Rs 6,631.23 crore year-on-year.

APSEZ's financial performance was bolstered by a 21 per cent year-on-year revenue growth to Rs 7,560 crore, and an EBITDA (excluding forex) increase of 29 per cent to Rs 4,848 crore. The company also signed a 30-year concession agreement with the Tanzania Ports Authority to manage Container Terminal 2 at the Dar es Salaam Port and received the first mothership at Vizhinjam Port, India's first transhipment port.

(With inputs from agencies.)