Adani Ports and Special Economic Zone on February 7 reported a 16.04 percent fall in consolidated net profit for the quarter ended December 2022 at Rs 1315.54 crore, as against Rs 1567.01 crore a year back.
The revenue from operations for the quarter came in at Rs 4786.17 crore, up 17.53 percent from Rs 4071.98 crore in the corresponding quarter a year ago, the company said in a regulatory filing.
As per the average of brokerage firm estimates taken by Moneycontrol, revenue was seen rising 25 percent on-year to Rs 4,753 crore, while net profit was estimated to increase 11.8 percent to Rs 1,647.1 crore.
The company said its cargo volume rose about 1 percent 75.43 million metric tonnes (MMT). Container volume rose 2 percent, the firm said.
Easy cost volume and non-Mundra volume was up 7 percent each while west coast volume fell 2 percent and Mundra volume fell 4 percent.
The company said its return on capital employed (RoCE) was continuously improving at matured ports with better capacity utilization and given the focus on efficiency. It added that RoCE of logistics business more than doubled vs. FY22. Operational ramp up at ports acquired in the last few years will drive their ROCE to 20 percent, it added.
In its FY24 guidance, Adani Ports expects EBITDA to be in range of Rs 14,500 crore to Rs 15,000 crore. This is against Rs 12,200 crore to Rs 12,600 crore guided for FY23.
The company expects capex to be in range of Rs 4,000-4,500 crore in FY24 against Rs 8,600 crore guided for FY24. The company also expects debt to EBITDA ratio to improve to 2.5 times from FY23 guidance of 3-3.5 times.
"Cash Surplus generated through operations during FY24 would be used to re-pay / pre-pay loans of Rs 5,000 crore, resulting in reduction of Net Debt to EBITDA ratio to ~2.5x," Adani Ports said in a statement.
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