Adani Ports and Special Economic Zone (APSEZ) on May 4 reported a 285.1 percent year-on-year growth in consolidated profit at Rs 1,287.81 crore for the quarter ended March 2021 on the back of strong operating profit and favourable forex movement.
Its revenue from operations during the quarter grew by 23.5 percent to Rs 3,608 crore from the year-ago quarter following a 27 percent growth in cargo volume and 30 percent rise in port revenue, the company said.
The company’s board recommended a dividend of Rs 5 per equity share for the financial year 2020-21. "The company will inform in due course the date on which the company will hold annual general meeting for the year ended 31st March, 2021 and the date from which dividend will be paid or warrants thereof will be dispatched to the shareholders," it said.
The company’s port revenue increased 30 percent year-on-year to Rs 3,123 crore and EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 42 percent to Rs 2,166 crore.
"Better product mix and operational efficiencies helped in improving port EBITDA margin by 6 percent to 69 percent, while logistics EBITDA margin improved by 7 percent to 24 percent on account of discontinuation of low realisation and low margin routes," the company added.
The logistics' revenue at Rs 268 crore in Q4FY21 fell 7 percent, but its EBITDA at Rs 64 crore increased 29 percent compared to the same quarter last year.
In the year FY21, Adani Ports registered a healthy 32.7 percent growth in consolidated profit at Rs 4,994.3 crore and 9.7 percent increase in revenue at Rs 12,549.6 crore compared to previous year.
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"FY21 has been a transformational year for APSEZ. We have been able to restructure our cost fundamentally and were able to demonstrate an increase in EBIDTA margin by 1 percent taking our port margins to 70 percent. On the growth side we used this time to complete four large acquisitions i.e Krishnapattanam port, Gangavaram port, Dighi port and Sarguja Rail line, taking our total portfolio to 13 ports in the country. The total value of said investment was Rs 26,000," said Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ.
In FY22, "on the basis of internal estimates, we guide for cargo volume to be in the range of 310-320 MMT, this includes 10 MMT of Gangavaram port in Q4 FY22. Consolidated revenue to be in the range of Rs 16,000-16,800 crore, consolidated EBIDTA to be in the range of Rs 10,200-10,700 crore and free cash flow to be in the range of Rs 5,500-6,000 crore," he added.
With all this, Karan Adani feels APSEZ is well on its course to become a truly integrated transport and logistics utility and achieve 500 MMT of cargo throughput and ROCE to be in excess of 20 percent by FY25.
Moreover, Deepak Maheshwari resigned as chief financial officer of the company, said Adani Ports.
The company recommended dividend of Rs 5 per equity share for the financial year 2020-21.