Adani Ports' net profits decline by 6% in the third quarter of FY22

Adani Ports and Special Economic Zone on Tuesday reported a net profit of Rs 1,479 crore during Q3FY22, down six per cent year-on-year.

In the same quarter last fiscal, the net profit was Rs 1,577 crore.

The company's consolidated revenue during the quarter grew one per cent to Rs 3,797 crore, as compared to Rs 3,746 crore in the same period last fiscal.

EBITDA fell two per cent during the quarter to Rs 2,431 crore.

During Q3FY22, cargo volumes were subdued due to higher commodity prices and disruptions in the supply chain.

Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ, said: "Our learnings in 2020 helped us weather the storm and our operational expertise allowed us to continue our expansion. The addition of two ports in 2021 - Krishnapatnam and Gangavaram in Andhra Pradesh on the east coast of India - to the ones on the west coast continued to tighten our pan-India presence."

"Our under-construction port of Vizhinjam in Kerala, along with our new terminal in Colombo, Sri Lanka, will act as a new transshipment hub in southeast Asia."

With an extensive focus on the use of renewable energies the company is on the road to achieving carbon neutrality by 2025 and becoming the world's most sustainable ports company, he added.

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