Adani Ports and Special Economic Zone Ltd on May 30 reported 5.1 percent rise in its consolidated net profit at Rs 1,158.9 crore for the quarter ended March 31, 2023. The Adani Group company had posted a profit of Rs 1,103 crore in the year-ago period.
Revenue from operations increased 40 percent year-on-year to Rs 5,797 crore in the quarter under preview from Rs 4,140.8 crore in last fiscal.
The company's board has recommended a dividend Rs 5 per equity share of
Rs 2 each fully paid-up for the financial year 2022-23.
Adani Ports' operating profit or EBITDA also grew 27 percent YoY to Rs 3,270.7 crore for the March quarter as against Rs 2,057.1 crore in March 2022, while its margin stood at 56.4 percent on-year from 49.7 percent. It should be noted that Q4FY23 EBITDA excludes the impact of forex mark-to-market gain or loss and FY22 EBITDA also excludes one time transaction cost of Rs 210 crore for SRCPL/GPL.
Moreover, India's biggest port operator and logistics company under billionaire Gautam Adani-led conglomerate recorded its highest-ever port cargo volumes at 339 MMT in FY23, which is around 9 percent YoY jump.
On its guidance for next fiscal (FY2024), the company aims to achieve cargo volumes at 370-390 MMT resulting in a revenue of Rs 24,000- Rs 25,000 crore and EBITDA of Rs 14,500-15,000 crore. Total capex during the year is expected to be Rs 4,000-4,500 crore, it added.
Commenting on the results, Karan Adani, CEO and Whole Time Director, said, "The company has overachieved against its highest-ever revenue
and EBITDA guidance provided at the beginning of the year. Our strategy of
geographical diversification, cargo mix diversification, and business model
transition to a transport utility is enabling robust growth."
Over the last 5 years, APSEZ’s revenue and EBITDA have grown at a CAGR of
16-18 percent, while the company’s domestic market share jumped 800bps to around 24 percent in FY23.
The company also added that it recorded investments of around Rs 27,000 crore in FY23, which includes six major acquisitions totaling around Rs 18,000 Cr and organic capex of around Rs 9,000 crore.
"These investments were primarily financed through internal accruals and the cash and cash equivalents held with the company. As a result, gross debt to fixed asset ratio has declined sharply from 80% in FY19 to around 60% in FY23. The investments made along with the five bid wins during the year, will enable APSEZ to achieve its targeted cargo volumes of 500 MMT in 2025 and speed up the transition of the business model to a transport utility," added Adani.
Meanwhile, shares of Adani Ports closed 0.43 percent lower at Rs 734.30 apiece on BSE today (May 30). The stock has slipped 10 percent over year-to-date basis but has recovered from its lows in the past few sessions. In 1-month period, the scrip has gained 7 percent from its lows.
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