Adani Ports Q2 Results: Net profit remains flat, share of non-Mundra ports increases in cargo basket

In October, Adani Ports reported a 48% growth in cargo volumes to reach record monthly volumes of 37 MMT. Between April-October this year, the company has handled 240 MMT of cargo, a growth of 18% year-on-year.

Non-Mundra ports of the company saw volumes grow by 15% from last year. Within the cargo basket, the share of non-Mundra domestic ports increased to 56% from 54% during the first half of financial year 2023.

Adani Ports' Logistics rail volumes grew by 25% from last year to 2.79 Lakh Twenty Foot Equivalents or TEUs.

In the company's notes to account, Adani Ports said that the Group owns a 70% stake of the Haifa Port, Israel and is closely monitoring the ongoing war situation. "The eventual impact, if any of which is uncertain non determinable as of now. As of the date of release of these results there is neither adverse impact on the operation nor any other material impact on consolidated financial results," the statement said.

The company also berthed its first vessel at the Vizinjham port in October. The port will start commercial operations by the end of the current financial year.

During the quarter, Adani Ports concluded the buyback of two tranches of US Dollar-denominated bonds worth $325 million, which represents 50% of the principal repayment amount due in July 2024.

Shares of Adani Ports are down to the day's low, currently trading 1.6% lower at ₹805.5. The stock is down 2.1% so far in 2023.