Adani Ports and Special Economic Zone (Adani Ports) reported a 13 per cent year-on-year (YoY) decline in the profit after tax (PAT) at Rs 1,336.51 crore in the quarter ended on December 31, 2022. The company had reported a profit after tax at Rs 1,535 crore in the year-ago period. The company reported a 15 per cent increase EBITDA at Rs 3,011 crore in Q3FY23, from Rs 2,612 crore in Q3FY22.
However, Adani Ports’ revenue from operations increased 18 per cent YoY to Rs 4,786.17 crore during October-December 2022 period which was Rs 4,071.98 crore in the same period previous year. It managed 75.4 million metric tonnes (MMT) of cargo in the given quarter, a marginal rise of only a per cent.
On a sequential basis, the profit dipped 23 per cent from Rs 1,737.81 crore and revenue slipped 8 per cent from Rs 5,210.8 crore in the September 2022 quarter.
Adani Ports reported an 11 per cent rise in the net profit at Rs 4,251.78 crore for the nine months ended on December 31, 2022, compared to Rs 3,841.55 crore in the year-ago period. Revenue from operations climbed 16 per cent to Rs 15,055.06 crore during the period under review. EBITDA for the April-December 2022 rose 19 per cent to Rs 9,562 crore.
The company reported a 16 per cent YoY increase in port revenues, whereas logistics revenues jumped by 43 per cent for the nine-month period, said the company. For the nine-month period, Adani Ports handled 252.9 MMT of cargo, 8 per cent higher than the year-old period.
With the highest-ever revenue and EBITDA over a nine-month period, ASPEZ is well placed to achieve the upper end of its full-year revenue and EBITDA guidance provided for FY23, said Karan Adani, CEO and Whole Time Director at Adani Ports.
Shares of Adani Ports were trading about 5 per cent higher at Rs 571.50 at 13.30 am on Tuesday, paring up its gains partially. The stock hit Rs 598.70 earlier in the session.
The company also concluded the transactions of Haifa Port Company, IOTL, ICD Tumb, Ocean Sparkle, and Gangavaram Port, and is progressing well on transitioning its business model to a transport utility, he said.
Adani Ports remains India’s largest private sector port company with around 24 per cent market share.
Continuing with our growth journey, Adani Ports is targeting FY24 EBITDA of Rs 14,500-15,000 crore. Besides an estimated capital expenditure of INR 4,000-4,500 Cr, we are considering total loan repayment and prepayment of around Rs 5,000 crore which will significantly improve our net debt to EBITDA ratio and bring it closer to 2.5x by March 2024, he added.
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