Adani Ports Q4 Results: Revenue Rises 40% To Rs 5,797 Crore
Adani Ports' Q4 revenue rose 40% to Rs 5,797 crore as against an estimate of Rs 5,067 crore.
Adani Ports and Special Economic Zone Ltd.'s fourth-quarter revenue rose and its profit increased but missed analyst estimates.
India's largest private port operator's revenue rose 40% to Rs 5,797 crore, according to its exchange filing. That compares with an estimate of Rs 5,067 crore by analysts tracked by Bloomberg.
Adani Ports Q4 FY23 Highlights (YoY)
Ebitda grew 59% to Rs 3,271 crore, as compared with the forecast of Rs 3,107 crore.
Ebitda margin stood at 56.4%, as compared with 49.7% a year earlier and an estimate of 61.3%.
Consolidated net profit rose 5% to Rs 1,159 crore as against an estimate of Rs 1,557 crore.
The company recorded a one-time loss of over Rs 1,273 crore accounting for the sale of the Myanmar Port, despite listing an expected gain of Rs 405 crore from a receivable under Service Exports from India Scheme.
It had been written off after the Director General of Foreign Trade restricted the group's eligibility for the benefits under the scheme through a notification. "However, the group has contested the legality and retrospective application of the said notification."
In fiscal 2023, the company's cargo volume rose 9% to 339.2 million tonns, the highest ever in a fiscal. The port operator's net profit rose 9% to Rs 5,393 crore, while revenue jumped 22% to Rs 20,852 crore in the year ended March.
"Our strategy of geographical diversification, cargo mix diversification and business model transition to a transport utility is enabling robust growth," Chief Executive Officer Karan Adani said.
The investments made along with the five bid wins during the year will help the company achieve its targeted cargo volumes of 500 MMT in 2025 and speed up the transition of the business model to a transport utility, the whole-time director said.
The company's cargo volume rose 11% year-on-year to 86.3 MT during the quarter.
The company said it did record investments of around Rs 27,000 crore in fiscal 2023, which includes six major acquisitions totaling around Rs 18,000 crore and organic capex of around Rs 9,000 crore.
Guidance For FY24
Cargo volumes during the period expected to be 370–390 MT.
Revenue for the period to be around Rs 24,000–25,000 crore.
Ebitda for the period to be around Rs 14,500–15,000 crore.
Net debt to Ebitda to be reduced to ~2.5 times.
Capital expenditure for the period to be around Rs 4,000–4,500 crore.
Shares of Adani Ports closed 0.47% lower on Tuesday before the results were announced, as against a 0.19% rise in the benchmark NSE Nifty 50.
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