Adani Ports and Special Economic Zone (APSEZ) reported 31.6% rise in consolidated net profit to Rs 1,387 crore on 2.9% increase in revenue from operations to Rs 2,902.52 crore in Q2 September 2020 over Q2 September 2019.
Profit before tax (PBT) in Q2 September 2020 stood at Rs 1,797.52 crore, up by 102.8% from Rs 886.35 crore in Q2 September 2020. Current tax expense jumped 225.5% year-on-year (YoY) to Rs 441.52 crore during the quarter.
On the back of rebound in economic activities, cargo volume bounced back and registered a growth of 36% on a QoQ basis and 7% on a YoY basis. All segments of cargo registered growth on a QoQ basis. While coal registered 30% growth, container grew by 34%, crude by 52% and other bulk cargo registered a growth of 40%.
In October 2020, the company's ports excluding Krishnapatnam Port (KPCL) handled cargo volume of 22 MMT which is a growth of 21% on a year-on-year basis. KPCL, the newest port in the portfolio, handled cargo volume of 3.2 MMT.
"For FY21, we expect cargo throughput excluding Krishnapatnam Port to be in the range of 225-230 MMT. In addition, Krishnapatnam Port is expected to handle around 20 MMT in H2 FY21, it said.
Free cash flow from operations after adjusting for working capital changes, capex and net interest cost was Rs 2,884 crore in H1 FY21 against Rs 1,002 crore in H1 FY20. The said free cash flow is expected to be in the range of Rs 5,500-Rs 6,100 crore in full year of FY21.
Karan Adani, chief executive officer and whole-time director of APSEZ said, "APSEZ has proven the utility nature of its portfolio of assets by increasing the market share in India to 24% in overall cargo. With economy reopening in stages, APSEZ has returned to growth trajectory registering a cargo volume growth of 36% on a QoQ basis. Port EBIDTA improves to 71% on account of continuous focus on operational efficiency. Our focus continues to be on preserving cash and ensuring adequate liquidity. We continue to increase our free cash generation, in H1 FY21 cash flow from operations after adjusting for working capital changes, capex and net interest cost, stands at Rs 2,884 crore.
APSEZ is well on course to achieve 500 MMT of cargo throughput by FY25. Our focus remains on improving the free cash generation and ROCE of all our ports to be in excess of 16%. Our businesses and future investments are aligned to sustainable growth with focus on preserving environment. We are committed to reduce carbon emission and become carbon neutral by 2025. We expect cargo volume in full year FY21 to be in the range of 245 to 250 MMT including KPCL, which we acquired in October 2020."
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APSEZ, a part of globally diversified Adani Group, is the largest port developer and operator in India. APSEZ accounts for nearly one-fourth of the cargo movement in the country. It is present across 10 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.
The scrip fell 1.02% to Rs 353.60 on Tuesday. It traded in the range of 347.20 and 363.50 during the day.
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