Adani Ports Annual Report 2020 reiterates it's strategy of increasing the value add to its port services though increasing the logistics services. The company continues with its diversification strategy -geography wise as well as product wise. It also discusses its financial strategy with focus on debt and RoCE. FY21 disruption doesn't impact its strategy of targeting 400MT volume in FY25 (currently 223MT in FY20). Each of the above lines have one common word- Strategy'. Mr. Karan Adani, CEO sums it up well in the Annual Report, Our objective has always been to avoid focusing...

Adani Ports & SEZ consol. Profit Plunges 74%, Margins Narrow, misses estimates Total income decline by 4% to Rs 3360.17 crore in Q4 2020 over Q4 2019. Profit before tax (PBT) for Q4 March 2020 stood at Rs 256.73 crore, down by 84% from Rs 1583.39 crore reported in Q4 March 2019. Operating Revenue registered a de growth of 5% at Rs 2921.19...

Q4 results were an operational miss. Revenue declined by ~5% YoY to ` 29.2bn. Lower SEZ income affecting revenues and margins. Adj EBITDA was at ` 16.4Bn, down 15% YoY. Margins came lower at 56.3% vs 62.7% YoY. FY20 margins at 63.7% vs 64.7% YoY. APAT stood at ` 13.4bn, up 14% YoY. PAT was impacted by a ` 10bn forex on the P&L.; The management guidance: (1) Evaluating the situation, No volume guidance for FY21 ; may give one when there is better visibility post lockdown (2) SEZ income to be ` 8-10Bn; (3) Ports margin to range...

Adani Ports & SEZ consol. Q3 PAT down 4% to Rs 1356.43 cr, but beats estimates Total income rose 20.88% to Rs 3830.43 crore in Q3 2019 over Q3 2018. Profit before tax (PBT) for Q3 December 2019 stood at Rs 1739.03 crore, down by 4.5% from Rs 1820.91 crore reported in Q3 December 2018. Current tax expense rose 41.14% to Rs 270.36 crore in Q3 2019 as against Rs 191.56 crore reported in Q3 2018....

Adani Ports and Special Economic Zone Ltd. is promoted by Adani Group. Mundra Port, India's largest private port, provides cargo handling and other value-added port services. The port offers a number of locational and logistical advantages. The company offers following...

Adani Ports' PAT jumps 72% backed by one time tax gain, profit beats estimates The profit after tax (PAT) jumped 72.44% to Rs 1059.20 crore in quarter ending September 2019 as against the corresponding quarter of the previous year. PAT was supported by one time tax gain of Rs 319 crore in Q2 2019 over Q2 2018. Revenue from operations rose 8.17% to Rs 2821.16 crore in Q2 2019 from Rs 2608.01 crore in Q2 2018. The company continues to handle record cargo. In H1 FY20 cargo throughput was 109 MMT a year on year growth of 9%. Ports across all the three regions registered strong growth. Dhamra the eastern port of APSEZ registered a growth of 46%, Kattupalli the southern port registered a...

Adani Ports and Special Economic Zone Ltd.'s Q3FY19 profit in line with estimates Adani Port and Special Economic Zone has registered 5% growth in consolidated sales for the quarter ended Dec 2018 to Rs 2823.91 crore. Higher sales together with 510 bps expansion in operating profit margin to 78.3% has resulted in 12% growth in operating profit to Rs 2211.43 crore. Spurred further by higher other income (up 46% to Rs 344.97 crore), the PBIDT was up by 16% to Rs 2556.40 crore. However as interest and depreciation cost as % of operating profit...

operating profit margin to 43.4% has resulted in 37% fall in operating profit to Rs 1133 crore. Though depreciation stay high, the de-growth at PBT was restricted at 42% to Rs 799.55 crore as the other income stood higher and interest stood lower. The current tax was down by 51% to Rs 185.32 crore and thus the de-growth at PAT moderated and stood at 38% to Rs 614.23...

(1) Strong growth in volumes across segments backed by expansion of capacity; (2) healthy contribution from subsidiary ports; (3) healthy consolidated EBITDA margin, (4) higher non-recurring income (SEZ) and rationalization of interest cost would drive the performance of APSEZ in FY19. The company's good FY19 volume growth guidance, led by commissioning of new ports, new cargo sourcing and market share gains, is a positive. Stake dilution by the promoters of 4% gives us more comfort for addressing group...

Consolidated EBITDA:- We have not earned any SEZ port led development EBITDA in Q1FY19 compared to Rs. 280 cr earned in Q1FY18. If we exclude SEZ port led development EBITDA, Consolidated EBITDA has grown by 23%.(Rs.1588 cr v/s Rs. 1287 cr)....

Revenue fell by 24.25% to Rs. 2411.03 Cr in Q1FY19 when compared to the previous quarter. Adani Ports & Special Economic Zone Ltd Q1FY19 results Comment

FY18 performance for Adani Port (APSEZ) reflect (1) strong growth in volumes across segments backed by expansion of capacity; (2) healthy contribution from subsidiary ports; (3) healthy consolidated EBITDA margin, (4) higher nonrecurring income and rationalization of interest cost that boosted PAT. The company's good FY19 volume growth guidance, led by commissioning of new ports, new cargo sourcing and market share gains, is a positive. Stake dilution by the promoters of 4% gives us more comfort for addressing group level debt servicing. We estimate the consolidated entity to report volume CAGR of 11% over FY18 to FY20E with the new ports of Dhamra,...

Revenue increased by 18.37% to Rs. 3182.86 Cr in Q4FY18 when compared to the previous quarter. Adani Ports & Special Economic Zone Ltd Q4FY18 Results Comment

ICICI Securities Ltd | Retail Equity Research We visited Mundra port of Adani Ports & SEZ (APSEZ) to get an insight into the port operations. We also had an opportunity to interact with the management and get an update on the business outlook and its future plans. Mundra Port, India's largest private port, is slated to cross 115 million tonnes (MT) of volume by FY18E (up 10 times) from 10 Mt in FY08 driven by increasing container and crude volumes. Subsequently, revenues from Mundra grew 10x in 10 years establishing itself as one of...

Adani Ports & Special Economic Zone Ltd Q3FY18 results comment Revenue fell by 0.64% to Rs. 2688.85 Cr in Q3FY18 when compared to the previous quarter

Adani Ports and Special Economic Zone Limited (APSEZ), India's largest port developer and the logistics arm of Adani Group, announced second quarter ended 30th September, 2017 and profit beats estimates. Adani Port and Special Economic Zone has registered 25% growth in consolidated sales for the quarter ended September 2017 to Rs 2706.11 crore. But its PAT was down by 7% to Rs 997.04 crore. Fall at PAT despite higher sales is largely due to 490 bps contraction in operating profit margin to 66% that has restricted the operating profit growth at 16% to Rs 1784.77 crore and higher tax incidence. But for higher other income, lower interest and depreciation cost as...

Revenue rose by 1.03% to Rs. 2231.46 Cr in Q4FY17 when compared to the previous quarter.

We attended the earnings meet of Adani Ports & SEZ (APSEZ) and got an opportunity to interact with the top management and get an insight into its business and future plans. APSEZ is one of India's biggest private sector port infrastructure company. Over the past two decades, APSEZ has built, acquired and developed an unparalleled portfolio of ports infrastructure and services across India. The ports business includes 10 strategically located ports and terminals around the Indian coastline, representing 24% of the country's port capacity. APSEZ also provides...

We roll forward our TP to FY19E and have a BUY rating with TP of Rs 396. Our SOTP based TP implies EV/EBITDA of 12.5x FY19E, which we believe is reasonable for a company with RoCE of 16% at just 55% utilization and EBITDA growth of ~15% pa.