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  • Adani Ports and SEZ Q3 PAT drops 16% YoY to Rs 1,315 cr

    Adani Ports and Special Economic Zone's (APSEZ) consolidated net profit declined 16.05% to Rs 1,315.54 crore as against Rs 1,567.01 crore posted in Q3 FY22.

    Revenue from operations stood at Rs 4,786.17 crore in the quarter ended 31 December 2022 , registering a growth of 17.54% to Rs 4,071.98 crore reported in Q3 FY22. Profit before tax slipped 13.31% to Rs 1,563.90 crore in Q3 FY23 from Rs 1,804.09 crore recorded in the same period last year. EBITDA in Q3 FY23 was at Rs 3,011 crore, up by 15% from Rs 2,612 crore posted in Q3 FY22. Cargo volumes grew 1% to 75.4 MMT in Q3 FY23 as compared to 74.4 MMT reported in the corresponding quarter previous year.

    For 9 Months FY23, the company's consolidated net profit rose 9.72% to Rs 4,151.30 crore on 16% jump in revenue to Rs 15,055.06 crore in 9M FY23 over 9M FY22.

    During 9M FY23, APSEZ handled approximately 24% of the country's total cargo and retained its leadership position of being the India's largest port operator, said the company.

    Consolidated EBITDA grew by 19% to Rs 9,562 crore on the back of revenue growth for the Ports and Logistics business and operational efficiency measures.

    The company's Ports revenue rose 22% to Rs 12,903 crore aided by cargo volume growth and improved realization. Ports EBITDA grew 20% to Rs 8,973 crore on the back of growth in port revenues. EBITDA margin was around 70%, APSEZ continues to be one of the most profitable port companies globally, said the company.

    APSEZ handled 252.9 MMT of cargo which is 8% YoY growth. The growth in cargo volume was led by coal (+23% increase), liquid (excluding crude) (+8% increase) and containers (+5% increase). The automobile segment, though a small proportion of overall volumes, saw a 22% jump in volumes.

    Mundra continues to be the largest container handling port with 4.88 million twenty-foot equivalent units (TEUs) versus 4.45 million TEUs managed by Jawaharlal Nehru Port (JNPT) during 9M FY23. Mundra Port registered 100 MMT of cargo handling in 231 days.

    The non-Mundra ports volumes grew at 12% YoY while Mundra growth rate was 4%; the share of non-Mundra ports increased to 54% in the cargo basket from 52% during 9M FY22.

    Revenue of the logistics business stood at Rs 1,211 crore, implying a growth of 43% on account of improvement in traffic across all segments (Rail, Terminal, GPWIS scheme) coupled with acquisition of Tumb ICD.

    Logistics business EBIDTA grew by 66% to Rs 354 crore, and the margin expanded by approximately 400 bps to 29.3%. This was aided by increase in cargo volumes, cargo diversification, and improved utilization rate.

    Karan Adani, CEO and whole time director of Adani Ports and Special Economic Zone, said, “With the highest ever revenue and EBITDA over a nine-month period, ASPEZ is well placed to achieve the upper end of its full year revenue and EBITDA guidance provided for FY23. The company also concluded the transactions of Haifa Port Company, IOTL, ICD Tumb, Ocean Sparkle, and Gangavaram Port, and is progressing well on transitioning its business model to a transport utility.”

    Explaining the guidance for FY2023, APSEZ said it expects revenue of Rs 19,200 -19,800 crore, EBIDTA in range of Rs 12,200-12,600 crore and net debt to EBITDA in range of 3-3.5x.

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

    On 6 February 2023, the Adani Group said in a media release that its promoters have prepaid share-backed loans worth $1,114 million ahead of their maturity in September 2024. The prepayment will release pledge from three group companies - Adani Ports, Adani Green Energy and Adani Transmission.

    With the repayment of such amount, 16.82 crore shares of Adani Ports & Special Economic Zone (12% of the promoters' holding); 2.75 crore shares of Adani Green Energy (3% of promoters' holding); and 1.17 crore shares of Adani Transmission (1.4% of promoters' holding) will release in due course.

    Adani Ports & Special Economic Zone (APSEZ) is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to port at Mundra.

    Shares of Adani Ports & Special Economic Zone gained 2.46% to Rs 559.50 on the BSE.

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02 June 2023 10:14
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