Adani Ports and Special Economic Zone (APSEZ) declined 4.40% to Rs 718.70 after the company reported a 21.8% fall in consolidated net profit to Rs 1033.02 crore in Q4 FY22 from Rs 1320.69 crore recorded in Q4 FY21.
Net sales rose 6.6% to Rs 3,845.03 crore for the quarter ended 31 March 2022 from Rs 3,607.90 crore recorded in the corresponding period last year. Profit before tax slumped 24% to Rs 1,170.43 crore in Q4 FY22 from Rs 1,539.05 crore in Q4 FY21. Total expenses soared 52.4% to Rs 1,986.23 crore in Q4 FY22 over Q4 FY21.Karan Adani, chief executive officer and whole time director of APSEZ, said, FY22 has been a stellar year for APSEZ, with achievement of various milestones for itself and new benchmarks for India's maritime industry.
On the full year basis, net profit declined 5.3% to Rs 4,728.09 crore in FY22 from Rs 4,994.30 posted in FY21.
Consolidated revenue (excluding Gangavaram) grew by 27% to Rs 15,934 crore in financial year 2022 on the back of well-rounded growth registered by three key business segments- Port, Logistics and SEZ. Consolidated EBITDA (excluding Gangavaram) in FY22 surged 22% to Rs 9,811 crore on the back of 27% growth in revenue.
The company's Ports revenue jumped by nearly 21% to Rs 12,964 crore in FY22 over FY21 aided by improved realization, and addition of Sarguja Rail Company. During FY22, Adani Port handled 312 MMT of cargo (including Gangavaram Port, which handled cargo volume of 30.03 MMT) versus 247 MMT in FY21 thus registering a growth of 26%. Port EBITDA grew 21% to Rs.9,120 Cr on the back of growth in port revenues
The growth in cargo volume was led by Dry cargo (+42% increase), followed by containers (+14%), and liquids (+19%).
Revenue from logistics business stood at Rs 1,208 crore in FY22, registering a growth of 26% on account of improving container and terminal traffic with increase in available rolling stock, both for container and bulk cargo. Adani Logistics registered a 29% growth in rail volume to 403,737 TEUs and a 19% growth in terminal in FY22. Logistics business EBIDTA grew by 41% year on year to Rs 320 crore in FY22, and the margin expanded by 283 bps to 26%. Rise in EBITDA was aided by cargo diversification, elimination of loss-making routes and operational efficiency measures.
Free cash flow from operations after adjusting for working capital changes, capex and net interest cost stood at Rs 5,261 crore in FY22 compared to Rs 5,800 crore in FY21.
In its future outlook, APSEZ said it expects to handle a cargo volume of 350-360 MMT for FY23. Revenue for FY23 is expected to be between Rs 19,200 crore and Rs 19,800 crore. APSEZ aims EBIDTA between Rs 12,200 crore and Rs 12,600 crore in FY23. Capex during FY23 would be around Rs 8,600 crore, the company added.
Free cash flow from operations (after adjusting for working capital changes, Capex and net interest cost) during the period is expected to be in the range of Rs 1,400 crore to Rs 1,700 crore. Net debt to EBIDTA is expected to be in the range of 3x to 3.5x.
Meanwhile, the board of directors of the company recommended a final dividend of Rs 5 per equity share, for the financial year ended 31 March 2022.
Adani Ports & Special Economic Zone is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to port at Mundra.
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