Ahmedabad (Gujarat) [India], February 7 (ANI): Adani Ports and Special Economic Zone's (APSEZ) revenue from operations increased 18 per cent to Rs 4,786 crore during the December quarter. In the same quarter of 2021, the revenue was Rs 4,072, the company announced today.

APSEZ on Tuesday announced its earnings for the October-December 2022 quarter and the first three quarters of 2022-23.

The Adani group company's revenue from operations increased 18 per cent to Rs 4,786 crore during the December quarter. In the same quarter of 2021, the revenue was Rs 4,072.

Revenue during the first three quarters of 2022-23 rose 16 per cent to Rs 15,055 crore.

However, its profit after tax during the December quarter fell 13 per cent to Rs 1,337. During the same quarter last year, it was Rs 1,535 crore.

Overall profits during the three quarters were though 11 per cent higher on a yearly basis to Rs 4,252 crore.

The company is well placed to achieve the upper end of its full-year revenue and EBITDA guidance provided for 2022-23.

"The company also concluded the transactions of Haifa Port Company, IOTL, ICD Tumb, Ocean Sparkle, andGangavaram Port, and is progressing well on transitioning its business model to a transport utility," said Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.

"Continuing with our growth journey, APSEZ is targeting FY24 EBITDA of Rs 14,500-15,000 cr. Besides an estimated capital expenditure of INR 4,000-4,500 cr, we are considering total loan repayment and prepayment of around Rs 5,000 cr, which will significantly improve our Net Debt to EBITDA ratio and bring it closer to 2.5x by March 24" added Karan Adani. (ANI)