Q3 results. Adani Ports’ net profit declines 13% to ₹1,336 crore on forex losses

BL Ahmedabad Bureau Updated - February 07, 2023 at 02:54 PM.
File photo of mundra Port, one of the ports handled by Adani Ports and Special Economic Zone Ltd, in Gujarat | Photo Credit: AMIT DAVE

Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday reported a 13 per cent dip in the net profit for the third quarter ended December 31, 2022.

While the company’s revenue from operations grew 18 per cent, its consolidated net profit for the quarter stood at ₹1,337 crore, down from ₹1,535 crore in the same quarter last year.

Company’s operational revenue stood at ₹4,786 crore for the quarter against ₹4,072 crore in the same quarter last year.

Adani Ports’ net profit declines 13% to ₹1,336 crore on forex losses
Adani Ports and Special Economic Zone Ltd on Tuesday reported a 13% year-on-year fall in its consolidated net profit for the quarter ended December at Rs 1,337 crore.Video Credit: PTI

The dip in net profit is attributed to the higher forex mark-to-market loss at ₹315 crore during the quarter against ₹13 crore in the same quarter last year.

Consolidated EBITDA for the quarter grew 15 per cent year-on-year (y-o-y) to ₹3,011 crore.

Total expenses jumped 20 per cent during the quarter to ₹3,507, including reduced finance cost of interests and bank charges at ₹545 crore (₹660 crore a year ago) against ₹2,924 crore in the same quarter last year.

For the nine-month period of the current fiscal, APSEZ posted 11 per cent growth (y-o-y) in the net profit at ₹4,252 crore, up from ₹3,842 crore in the corresponding quarter last year. For the 9-month period, the PAT includes forex mark-to-market loss of ₹1,886 crore versus ₹348 crore in the first nine-months of fiscal 2021-22.

Consolidated revenue for April-December period stood at ₹15,055 crore (16 per cent growth) from ₹12,978 crore in the same period last year.

Announcing the financial results, Karan Adani, CEO and Whole Time Director, APSEZ, said, “The first 9 months of FY23 have been one of the strongest in APESEZ’s history. I can say with much confidence that we are well-placed to deliver on the top end of our fiscal 2023 guidance.”

In May 2022, APSEZ had predicted the annual revenues for 2022-23 in the range of ₹19,200-19,800 crore and EBITDA in the range of ₹12,200-12,600 crore.

“For 2023-24, APSEZ is targeting an EBITDA of ₹14,500-₹15,500 crore and expect the net debt-to-EBITDA ratio to decline to 2.5x by March 2024. This is after factoring the capex of ₹4,000-4,500 crore and loan repayment of ₹5,000 crore, which would also include some prepayments,” said Adani adding that the company’s business fundamentals remain strong.

Currently, APSEZ’s net debt-to-EBITDA is in the range of 3-3.5x.

On the operational front, APSEZ handled 252.9 million tonnes of cargo (8 per cent y-o-y growth), led by coal (23 per cent), liquid cargo, excluding crude that grew 8 per cent, and containers with 5 per cent growth.

“Mundra port recorded 100 Million MT of cargo handling in 231 days, the fastest ever in its lifetime,” Adani added.

In the logistics business, Adani Logistics registered 26 per cent y-o-y growth in rail volume to 358,162 TEUs and a 31 per cent y-o-y growth in terminal volume to 276,599 TEUs.

APSEZ shares traded at ₹561 up 3 per cent from previous close on NSE.

Published on February 7, 2023 08:34

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