G. K. Pillai, Chairman of Audit Committee of Adani Ports, said, “It is important to mention that, in response to a query by the Audit Committee, Deloitte confirmed that they have received all the APSEZ information from the management of the Company. The same has been confirmed by Deloitte in their resignation letter dated August 12, 2023 to the Company.”

“The ’Other Matters’ highlighted in the auditor’s resignation are adequately disclosed and addressed in our FY23 financial statements. We are fully confident that these matters will be appropriately resolved in our September ‘23 filing,” he added.

Last week, Adani Ports released its June quarter earnings report, delivering its strongest-ever quarterly operating performance. It reported an 80% jump in its net profit at ₹2,119 crore in Q1FY24 compared to ₹1,177 crore in the corresponding period last year on the back of the highest-ever quarterly port cargo volumes. The revenue from operations increased 24% year-on-year ₹6,248 crore from ₹5,058 crore in the year-ago period. In terms of EBITDA, the company recorded an 80% rise in earnings as compared to EBITDA worth ₹2,089 crore in the year-ago period.

The overall cargo volume during the first quarter of fiscal year 2023-24 grew 12% to 101.4 MMT, supported by container growth of 15%, as compared to 90.9 MMT in the same period last year. APSEZ’s domestic cargo volumes recorded an 8% year-on-year increase, more than the country's cargo volume growth rate.

In its guidance for FY24, APSEZ says cargo volumes can be expected at 370-390 MMT, resulting in revenue of ₹24,000-25,000 crore and EBITDA of ₹14,500-15,000 crore. "Total capex during the year is expected to be ₹4,000-4,500 crore."

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MSKA & Associates

Adani Ports shares fall 3% after Deloitte resigns as auditor