ADANIPORTS · Services
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +50.0% on the year; profit before other income, exceptional items and tax +28.8%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹6,646 cr | ₹6,920 cr | ₹6,896 cr | ₹7,560 cr | ₹7,067 cr | ₹7,964 cr | ₹8,488 cr | ₹9,126 cr | ₹9,167 cr | ₹9,705 cr | ₹10,738 cr | ₹10,821 cr |
| YoY | — | — | — | +21% | +6% | +15% | +23% | +21% | +30% | +22% | +27% | +19% |
| EBITDA margin | 55.1% | 60.6% | 58.1% | 62.7% | 61.8% | 60.3% | 59.0% | 60.2% | 58.3% | 59.6% | 56.1% | 57.8% |
| Other income, % of PBT | 14% | 18% | −3% | 10% | 9% | 8% | 12% | 12% | 23% | 5% | 24% | 20% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 30% | 19% | 14% | 14% | 16% | 17% | 14% | 14% | 15% | 16% | 11% | 15% |
| Net profit | ₹1,762 cr | ₹2,208 cr | ₹2,015 cr | ₹3,107 cr | ₹2,413 cr | ₹2,518 cr | ₹3,023 cr | ₹3,311 cr | ₹3,120 cr | ₹3,043 cr | ₹3,308 cr | ₹3,650 cr |
| YoY | — | — | — | +47% | +37% | +14% | +50% | +7% | +29% | +21% | +9% | +10% |
| Core profit YoY | — | — | — | +54% | +21% | +24% | +29% | +5% | +8% | +23% | −10% | +2% |
| EPS | ₹8.09 | ₹10.22 | ₹9.44 | ₹14.41 | ₹11.32 | ₹11.67 | ₹13.95 | ₹15.34 | ₹14.39 | ₹13.25 | ₹14.45 | ₹15.71 |
| Flags | · | · | · | ✓ | 1 | ✓ | 1 | 1 | 3 | ✓ | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Adani Ports and Special Economic Zone Ltd. reported revenue of ₹8,488 cr (+23.1% on the year) and net profit of ₹3,023 cr (+50.0% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +28.8% on the year, against +50.0% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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