Adani Ports and Special Economic Zone's consolidated net profit slumped 74.11% to Rs 340.21 crore on a 5.23% decline in net net sales to Rs 2,921.19 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax dropped 83.78% to Rs 256.73 crore in Q4 March 2020 as against Rs 1,583.39 crore in Q4 March 2019. The result was declared after market hours yesterday, 5 May 2020.
On a year ended basis, consolidated net profit slipped 5.69% to Rs 3,763.13 crore on a 8.67% increase in net sales to Rs 11,873.07 crore in the year ended March 2020 (FY20) over the year ended March 2019 (FY19).
Consolidated earnings before interest, tax, depreciation and ammortization (EBITDA) declined 15% to Rs 1,644 crore in Q4 March 2020 as against Rs 1,932 crore in Q4 March 2019. Consolidated EBITDA margin for the quarter stood at 56% as compared to 63% in Q4 March 2019.
The cargo throughput volume grew 7% to 223 (million metric tonnes) MMT in FY20 over FY19. Container volume rose 8% to 6.25 million TEUs in during the period under preview. TEU stands for twenty-foot equivalent unit which can be used to measure a ship's cargo carrying capacity. Net debt to EBITDA ratio stood at 2.9x while return on capital employed (ROCE) showed a 12.6% jump in YoY in FY20.
Commenting on the Q4 results, Karan Adani, the chief executive officer and whole-time director of Adani Ports & Special Economic Zone (APSEZ), has stated that, "Our strategy to diversify and ability to handle all types of cargo enabled us to outperform and deliver another year of stellar operational and financial performance. In FY20, we added LNG and LPG into our cargo portfolio. We have also increased our logistics footprint by focusing on increasing connectivity to our ports through our own rakes, inland freight terminals, warehousing solutions and concentrating on end mile connectivity. This enables us to provide an integrated logistics service to our customers and bring them to our port gate."
"As a strategy, we always maintain a liquidity cover of 2x. In FY21, we will reduce our operating costs and Capex will be curtailed to Rs.2,000 cr. Focus will be on conserving cash, generating higher free cash flow and increasing the ROCE from our business. Considering current situation due to spread of COVID-19, we are Implementing Govt. of India operating procedures at all our ports with safety of the workforce as a top priority. Operational staff is quarantined at ports with necessary arrangements in place for safe work environment. Hygiene, sanitization of workplaces & sites are a top priority and has enabled 100% thermal scanning. Majority of our administrative staff are working from home. Ports fall under essential services and as such all our ports are operating efficiently during this period of crises to ensure that supply chain of essential goods is not disrupted," he added.
Adani Ports and Special Economic Zone (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.
Shares of Adani Ports & Special Economic Zone rose 2.01% to Rs 268.45 on BSE. The scrip hovered in the range of Rs 256.05 to Rs 273.45 so far.
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