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Adani Ports Q4 PAT soars 285% YoY to Rs 1288 cr

May 04,2021  17:22

On a consolidated basis, profit before tax soared by 500% to Rs 1539 crore in Q4 FY21 as against Rs 256.73 crore in Q4 FY20. The company's operating revenue grew 24% year on year to Rs 3,608 crore in Q4 FY21. EBITDA (excluding forex gain of Rs 24 crore in Q4 FY21 versus forex loss of Rs 1,004 crore in Q4 FY20) jumped 39% year on year to Rs 2287 crore in Q4 FY21.

The company's port revenue increased 30% to Rs 3123 crore in Q4 FY21 while revenue from logistics business declined 7% to Rs 268 crore in Q4 FY21 over Q4 FY20.

The company's cargo volume surged 27% year on year to 73 MMT in Q4 FY21 as against 58 MMT in Q4 FY20. Overall cargo volume handled by APSEZ includes Krishnapatnam Port which was acquired in October 2020, which handled 20 MMT.

The company's consolidated net profit jumped 32.7% to Rs 4,994 crore in year ended March 2021 (FY21) from Rs 3,763 crore in year ended March 2020 (FY20). Total income rose 6% to Rs 14,519.83 crore in FY21 over FY20.

The board has recommended a dividend of Rs 5 per equity share for the financial year 2020-21.

Karan Adani, chief executive officer and whole time director of APSEZ said, FY21 has been a transformational year for APSEZ. Our customer centric approach has yielded good result for us as our market share increased by 4% on a pan India basis. Mundra port which is the largest commercial port in the country, this year has also become the largest container port in the country surpassing JNPT by a big leap. We have also been able to restructure our cost fundamentally and were able to demonstrate an increase in EBIDTA margin by 1% taking our port margins to 70%. On the growth side we used this time to complete four large acquisitions i.e Krishnapattanam port, Gangavaram port, Dighi port and Sarguja Rail line, taking our total portfolio to 13 ports in the country. The total value of said investment was Rs 26,000 crore.

FY21 has also seen shift towards e-commerce and hence a fundamental shift towards demand increasing for large format Grade A warehouses. Adani Logistics have forayed into this sector and has the vision to be the largest player in this sector in the coming 5 years. We have set our sight to build 30 million Sq.ft. of warehousing capacity in the next 5 years.

In FY22, our internal estimates for cargo volume to be in the range of 310-320 MMT, this includes 10 MMT of Gangavaram port in Q4 FY22. Consolidated revenue to be in the range of Rs 16,000 crore to Rs 16,800 crore. Consolidate EBIDTA to be in the range of Rs 10,200 crore to Rs 10.700 crore and free cash flow to be in the range of Rs 5,500 crore to Rs 6,000 crore. With all this APSEZ is well on its course to become a truly integrated transport and logistics utility and achieve 500 MMT of cargo throughput and ROCE to be in excess of 20% by FY25, he added.

The company's board has accepted resignation of Deepak Maheshwari as chief financial officer & key managerial personnel of the company from close of business hours on 5 May 2021. Due to personal reasons, Deepak Maheshwari has decided to move back to Mumbai, as there was no opportunity within the group for his experience in Mumbai. He decided to pursue career interests outside of Adani Group.

APSEZ, a part of globally diversified Adani Group, has evolved from a port company to ports and logistics platform for India.

Shares of APSEZ rose 0.99% to Rs 768.80 on BSE.

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