Adani Ports and Special Economic Zone (APSEZ) reported a 5% increase in its quarter four consolidated profit to Rs 1,159 crore due to higher cargo volumes. The profitable unit of the Adani Group showed a 40% growth in consolidated revenue to Rs 5,797 crore. Its earnings before interest, taxes, depreciation, and amortization increased by 27% to Rs 3,270.7 crore. The company handled 86.3 million metric ton of cargo during the quarter, which is 11% more than the previous year. APSEZ announced a dividend of Rs 5 per share with a payout of Rs 1,080 crore. The company saw its stock drop 0.43% on the BSE while its promoters pre-paid fund-based loans after raising pledging of APSEZ shares.
Adani Ports and Special Economic Zone is the largest ports developer and operator in India, operating a network of 12 ports and terminals across the country. The company is also exploring new opportunities in overseas markets.
Karan Adani, chief executive and whole-time director of APSEZ, said the company’s strategy of geographical and cargo mix diversification, as well as transitioning to a transport utility business model, enabled a robust growth in the shipments.