Adani Ports and Special Economic Zone Ltd (APSEZL), India’s largest private sector port company, announced its Q3FY23 earnings today i.e. on February 7. The company’s consolidated net profit reported a fall of 13 percent and stood at Rs 1,337 crore as against Rs 1, 535 crore in the same quarter a year ago.
Similarly, Adani Ports’ revenue from operations stood rose 18 percent year-on-year (YoY) to Rs 4,786.17 crore for the Q3 FY202 as compared to Rs 4,071.98 crore in the third quarter of last year, the company said in a BSE exchange filing.
Meanwhile, Adani Ports stock rose by 5.21 percent at Rs 573.85 a piece on NSE following the announcement of the quarterly results.
The port company’s EBITDA (earnings before interest, tax, depreciation and amortisation) stood at Rs 3,011 crore for the October-December period, up 15%, as against Rs 2,612 crore in the same quarter previous year.
“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. 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,” said Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.
“Continuing with our growth journey, APSEZ is targeting FY24 EBITDA of Rs 14,500-15,000 Cr. Besides an estimated capital expenditure of INR 4,000-4,500 Crore, we are considering total loan repayment and prepayment of around Rs 5,000 Cr, which will significantly improve our Net Debt to EBITDA ratio and bring it closer to 2.5x by March 24,” added Adani.
During Q3 FY23, APSEZ handled 24% of the country’s total cargo. Port EBITDA grew 20 percent Y-o-Y to Rs 9562 crore, on the back of strong improvement in realizations and cargo volume growth. With port EBITDA margin at 70 percent, APSEZ continues to be one of the most profitable port companies globally,” said the company in the stock exchange filing.
