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Adani Group's port arm, Adani Ports and Special Economic Zones Ltd (APSEZ), on Thursday reported a standalone net profit of Rs 700 crore for the quarter ended March 31, 2018, against Rs 837 crore reported in the corresponding quarter a year ago, showing a decline of about 16 per cent on year-on-year basis.
Total standalone income for the quarter stood at Rs 2,423 crore against Rs 1,631 crore in the same quarter last year.
For the fiscal 2017-18, APSEZ posted a standalone net profit of Rs 2,408 crore against Rs 3,101 crore in the previous year, showing a decline of about 22 per cent. Total standalone income for the year stood at Rs 8,141 crore (Rs 6,164 crore).
On a consolidated basis, the company registered a profit after tax of Rs 938 crore for the fourth quarter ended March 31, 2018. Total income for the quarter stood at Rs 3,487 crore against Rs 2,555 crore.
For the fiscal 2017-18, APSEZ's consolidated profit after tax stood at Rs 3,683 crore. Consolidated revenue from operations increased by 34 per cent at Rs 11,323 crore.
Earnings per share (EPS) for the fiscal stood at Rs 17.74 per share. Consolidated EBITDA after excluding forex gain or loss increased by 32 per cent from Rs 5,414 crore in fiscal 2017 to Rs 7,145 crore in fiscal 2018, the company said in a statement.
Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ, said, "It has been another year of strong performance. We will continue to give thrust on increasing capacity utilisation and improving operational efficiencies. We expect EBITDA margins to increase by at least 100 BPS every year and peak at around 73 per cent. In order to optimally utilise our cash from operations, we have formulated a capital allocation policy. Also, to give sustainable reward to our shareholders, the board has approved a modified dividend policy."
"Consolidated cargo volumes on year-on-year basis increased by 7 per cent from 169 million tonnes (in fiscal 2017) to 180 mt (fiscal 2018). Container volumes crossed five million TEUs, up 20 per cent, to 5.11 million TEUs," the company statement said.
"The profit after tax would have been higher but for higher tax incidence of Rs 1,544 crore in fiscal 2018 from Rs 287 crore in fiscal 2017. This is because Mundra port has come out of tax holiday period. However, from cashflows angle there is no incremental impact as company has MAT credit entitlement. MAT credit as on March 31, 2017 was Rs 2,685 crore. The balance MAT credit as on March 31, 2018 is Rs 2,025 crore," the statement said.
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