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India's Adani Ports Q4 profit soars 76% on record cargo volumes

FILE PHOTO: A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat

BENGALURU (Reuters) -Adani Ports and Special Economic Zone (APSEZ), India's largest private port operator, posted a 76% rise in its fourth-quarter profit on Thursday, helped by record cargo volumes.

The company, which is part of billionaire Gautam Adani's conglomerate, said its consolidated net profit rose to 20.40 billion rupees ($244.6 million) in the quarter ended March 31, from 11.58 billion rupees a year earlier.

Adani Ports achieved its highest ever quarterly volumes at 109 million metric tonnes (MMT) in the January-March period, helping revenue rise by 19% to 68.97 billion rupees as business activities picked up pace in the early months of 2024.

APSEZ operates 13 ports and terminals in India, including the country's largest container handling port in Mundra in the western state of Gujarat.

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The Adani group company last month said more than a fourth of India's cargo volumes was routed through its ports in FY24, while flagging a growing share of cargo volumes for its non-Mundra ports.

APSEZ handled 420 MMT cargo in FY24, surpassing its guidance of 370 MMT-390 MMT.

In March, the company said it would acquire 95% of Odisha's Gopalpur Port for $162 million to expand its east-coast presence.

Shares of APSEZ were up 1.5% after the company reported its results. So far this year, the stock has risen about 31%, outperforming a 4.5% gain in the blue-chip Nifty 50 index .

($1 = 83.3970 Indian rupees)

(Reporting by Anisha Ajith in Bengaluru; Editing by Subhranshu Sahu)