Adani Ports Q3 PAT down 6% YoY to Rs 1,479 crore

Adani Ports and Special Economic Zone reported 6% decline in consolidated net profit to Rs 1,479 crore on a 1% rise in revenue to Rs 3,797 crore in Q3 FY22 over Q3 FY21.

EBITDA in Q3 FY22 was Rs 2,431 crore, down by 2% from Rs 2,488 crore in Q3 FY21.

Cargo volumes fell by 11% to 68 MMT in Q3 FY22 from 76 MMT in Q3 FY21. The company said that the subdued cargo volume was on account of lower import of coal by key IPPs like Adani Power Mundra, GGPL and lower trading coal volume which was impacted due to higher commodity prices, disruptions in the supply chain and incessant rain in certain southern and eastern ports. Coal volume in Q4 FY22 is likely to improve due to increasing power demand and softening of prices globally.

Karan Adani, chief executive officer and whole time director of APSEZ, said: The addition of two ports in 2021 - Krishnapatnam and Gangavaram in Andhra Pradesh on theeast coast of India - to the ones on the west coast continued to tighten our pan India presence. Our under-construction port of Vizhinjam in Kerala, along with our new terminal in Colombo, Sri Lanka, will act as a new transshipment hub in southeast Asia.

APSEZ has revised its FY22 revenue guidance to about Rs 17,000 crore from 18,000 crore earlier. It has lowered its EBITDA guidance to about Rs 10,600 crore from 11,500 crore given earlier.

The company now expects free cash flows to be around 6,400 crore as against Rs 7,100 crore estimated earlier. It expects net debt to EBITDA to be around 3 times.

Adani Ports and Special Economic Zone (APSEZ), a part of the globally diversified Adani Group has evolved from a port company to an integrated transport utility. It is the largest port developer and operator in India with 6 strategically located ports and terminals on the west coast and 6 ports and terminals on the East coast of India.

The scrip shed 0.48% to currently trade at Rs 735.80 on the BSE.

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