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Business EconomyPosted at: Aug 8 2022 5:06PM


APSEZ Q1 net profit declines 17 pc to Rs 1092 Cr

Mumbai, Aug 8 (UNI) Adani Ports and Special Economic Zone Ltd (APSEZ) on Monday posted 17 per cent year-on-year decline in net profit at Rs 1092 crore for the quarter ended June 30, 2022.
The company had posted a net profit of Rs 1313 crore in the same period last year.
Its consolidated revenue (excluding Gangavaram) was almost flat Y-o-Y at Rs 4,638 crore, given the Rs 725 crore decline in revenue from the SEZ business segment.
"This decline is well in line with our expectation and is factored in our full year guidance for FY23," a statement from the company said.
“Q1 FY23 has been the strongest quarter in APSEZ’s history, with a record cargo volume and highest ever quarterly EBITDA. This is a 11% jump on a robust performance in the corresponding quarter last year that witnessed the post-Covid demand surge,” said Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.
“The company continued this strong performance in July and recorded 100 MMT of cargo through-put in the initial 99 days of FY23, a feat never achieved before," he said.
“Our strategy of connecting port gate to customer gate through an integrated utility model is starting to yield results,” he said.
“We are confident of achieving our full year guidance of 350-360 MMT cargo volumes and EBITDA of Rs 12,200-12,600 Cr. APSEZ remains committed to its philosophy of ensuring sustainable growth in partnership with our key stakeholders," he added.
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