Adani Ports Q1 results: PAT down 16% to ₹1,072 cr, revenue up 21% sequentially | Whuff News

Adani Ports and Special Economic Zones recorded a 16.09% decline in consolidated net profit attributable to owners, on 1,072.38 crore for the quarter ended June 30, 2022 (S1FY23) as against 1,277.99 crore in the same period last year. However, Q1 PAT increased 4.72% from 1,024 crore in the previous quarter. Revenues of Adani Group-backed companies were broadly flat year-on-year, while growth was double-digit sequentially. Adani Ports recorded highest quarterly cargo volume in Q1FY23.

Consolidated revenue from operations amounted to 4,637.95 crore in Q1FY23 up by 20.62% from 3,845.03 in the previous quarter. Earnings are flat compared to 4,671.19 crore in Q1FY22.

In its audit report, Adani Ports highlighted that consolidated revenue (excluding Gangavaram) was virtually unchanged YoY on 4,638 crore, considering 725 crore decrease in revenue from SEZ business segment. It said, “This decline is in line with our expectations and factored into our full-year guidance for FY23.”

During Q1FY23, consolidated EBITDA (excluding Gangavaram) grew by 11% to 3,005 crore on the back of revenue growth for the Ports and Logistics business. Notably, the company’s Port EBITDA increased 18% to 2,885 crore on the back of growth in port revenues. While the logistics business EBIDTA grew by 56% to 96 crore and margin expanded by 370 basis points to 27%. This is aided by increases in cargo volumes, cargo diversification, elimination of unprofitable routes, and operational efficiency measures.

“Q1 FY23 has been the strongest quarter in APSEZ’s history, with record cargo volume and highest quarterly EBITDA. This is an 11% jump on the strong performance in the same quarter last year which saw a post-Covid surge in demand,” said Karan Adani, Chief Executive Officer and Whole Time Director of Adani Ports and Special Economic Zones.

In Q1FY23, the company handled 90.89 MMT of cargo (including 9.09 MMT at Gangavaram Port), which is ~8% YoY growth. The strong performance was led by dry cargo (+11.2% increase), followed by containers (+3.2%), and liquids including crude (+5.6%). The car segment, though a small part of the total, saw a 120% jump in volume.

Meanwhile, Adani Logistics recorded 31% YoY growth in rail volume to 111,136 TEUs and 54% YoY growth in terminal volume to 99,217 TEUs.

The company commissioned two new terminals, one MMLP, three new agri-silo storage terminals and 0.6 Mn sq ft of warehousing capacity in Q1 to further boost growth.

Karan added, “The company continued this strong performance in July and recorded 100 MMT of cargo shipments in the first 99 days of FY23, an unprecedented feat.”

Further, Karan added, “Our strategy of connecting port door to customer door through an integrated utility model is starting to bear fruit,” adding, “We are confident of achieving our full year guidance of 350-360 MMT of cargo volume and EBITDA of 12,200-12,600 Cr. APSEZ remains committed to its philosophy of ensuring sustainable growth in partnership with our key stakeholders.”

On BSE, Adani Port is traded at 801.10 each was down by 1.10% at around 2.59 pm. The company’s market valuation is approx 1,69,222.22 crore.

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