Adani Ports and SEZ Q2 PAT slides 31% YoY to Rs 952 cr

Adani Ports and Special Economic Zone (APSEZ)'s consolidated net profit fell 31.38% to Rs 951.70 crore on 21.70% increase in net sales to Rs 3,532.40 crore in Q2 September 2021 over Q2 September 2020.

On a consolidated basis, profit before tax (PBT) fell 33.95% to Rs 1,187.30 crore in Q2 September 2021 over Q2 September 2020.

Adani Ports handled 144 MMT of cargo in the first half of the fiscal year ending March 2022 (H1 / FY22) compared to 98 MMT in H1 / FY21, registering a growth of 47% compared to 16% growth registered at all India levels.

The growth in cargo volume was led by dry cargo which grew by 59%, container by 42% & liquids (including crude) by 27%.

In the container segment, APSEZ handled 4.11 Mn TEUs in H1 / FY22 out of 9.67 Mn TEUs handled at all India levels. APSEZ registered a y-o-y growth of 42% as against 30% at all India levels, thereby increasing market share to 42.5% (gain of 144 bps).

Mundra continues to be the largest container handling port with 3.2 Mn TEUs.

Adani Logistics, the largest and most diversified private rail operator in India, registered a 23% growth in rail volume to 179,377 TEUs and a 17% growth in terminal volume to 134,136 TEUs in H1 / FY22.

Free cash flow from operations (after adjusting for working capital changes, Capex, and net interest cost) was Rs 2,550 crore. This does not include cash flow from Gangavaram port and the Sarguja Rail Corridor (SRCPL). If included (on a pro forma basis), the cash flow stands at Rs 3,032 crore.

Net debt to EBITDA for H1 FY22 stands at 3.26x. This does not include EBITDA and cash from Gangavaram port and the Sarguja Rail Corridor (SRCPL). If included (on a pro forma basis), the net debt to EBITDA stands at 2.87x.

For FY22, APSEZ revised cargo volume guidance to 350-360 MMT, a growth of 45%. Consolidated revenue is expected at Rs 18,000 crore-Rs 18,800 crore, a growth 50%. Consolidated EBITDA is expected at around Rs 11,500 crore-Rs 12,000 crore, a growth of 49%.

Free cash from operations (after adjusting for working capital changes, Capex and net interest cost) is expected to be around Rs 7,100 crore-Rs 7,600 crore.

APSEZ, a part of the globally diversified Adani Group, has evolved from a port company to a ports & logistics platform.

Ahead of the earnings, shares of APSEZ fell 0.56% to Rs 745.65 on the BSE today.

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