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    ADANIPORTS   INE742F01042

ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED

(ADANIPORTS)
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Adani Ports & Special Economic Zone : Q3 profit pushes up, cargo a big driver

01/18/2018 | 06:04am EDT

Editor's Synopsis

Q3 FY18: - Consolidated

  • Operating income up by 22%
  • Operating EBITDA up 46%
  • PBT up by 48%
  • PAT was Rs. 994 crs, up 18%
  • Cargo volumes up by 16%
  • All round double digit growth in major cargo handled
  • Coal up by 13%, Crude up by 10% and container up by 29%

9M FY18: - Consolidated

  • Operating income up by 31%
  • Operating EBITDA up by 32%
  • PBT up by 30%
  • PAT was Rs.2745 crs

Ahmedabad, January 18th, 2018: Adani Ports and Special Economic Zone Limited ('APSEZ'), India's largest port developer and the logistics arm of Adani Group, today announced their financial results for Q3 and 9 Months ended 31st Dec., 2017.

Q3 FY18: -
Financial Highlights: -

  • Consolidated Income from operations increased by 22% to Rs. 2689 crs in Q3 FY18 from Rs.2209 crs in Q3FY17.
  • Consolidated operating EBITDA increased by 46 % to Rs.1967 crs in Q3FY18 from Rs.1344 crs in Q3FY17.
  • Consolidated PBT increased by 48 % to Rs.1439 crs in Q3FY18 from Rs.969 crs in Q3FY17
  • Consolidated Profit after Tax increased by 18 % to Rs.994 crs - EPS of Rs. 4.80

Operational Highlights for Q3FY18: -

  • In Q3FY18, APSEZ handled Cargo of 47.61 MMT with a growth of 16%.
  • While Container volumes grew by 29 %, Coal volumes also grew by 13% and crude volumes grew by 10%
  • The Larger ports continue to register growth in overall cargo volumes. Mundra, the largest port of APSEZ grew by 17%, Hazira grew by 9 % and Kattupalli grew by 45 %.
  • Cargo growth in Q3 FY18 was 11 % higher than Q2FY18.

9M FY18: -
Financial Highlights: -

  • Consolidated Income from operations increased by 31 % to Rs.8140 crs in 9M FY18 from Rs. 6208 crs in 9M FY17.
  • Consolidated Operating EBITDA increased by 32 % to Rs.5351 crs in 9M FY18 from Rs.4055 crs in 9M FY17.
  • Consolidated PBT increased by 30 % to Rs.3909 crs in 9M FY18 from Rs.3006 crs in 9M FY17.
  • Consolidated Profit after Tax was Rs. 2745 crs - EPS of Rs. 13.26

The Profit after Tax would have been higher but for higher tax incidence to Rs. 1148 crs in 9M FY18 from Rs.275 crs in 9M FY17. This is because Mundra port has come out of tax holiday period. However, from cash flow angle there is no incremental impact as company has MAT credit entitlement of Rs.2700 crs.

Operational Highlights for 9MFY18: -

  • Handled Cargo of 134.56 MMT a growth of 7%.
  • Container volumes grew by 22 %.
  • Agri products grew by 30 %, Chemicals grew by 18 % and Minerals grew by 14%
  • The Larger ports continue to register growth in overall cargo volumes. Mundra, the largest port of APSEZ grew by 8 %, Hazira grew by 10 % and Kattupalli grew by 33 %.

Awards and other Important Developments: -

  • Kattupalli Port wins 'Smart Port Operator of the Year' award given by Maritime Gateway in Nov, 17.
  • APSEZ received the 'CII ITC Excellence in sustainable business' commendation award - CSR for the year 2017

Mr. Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, 'Cargo Volumes growth in Q3FY18 rebounded after a tepid Q2FY18. This growth was led by all round double digit growth in all major cargo that we handle. We foresee continued uptick in cargo volumes in India. While western ports in India will continue to grow we are confident of exponential cargo volume growth in Eastern and Southern coasts of India. We would continue to increase our footprints in the Logistics space. This will further improve our port to hinterland connectivity. We would thus aim to become a truly fully integrated player providing end to end service to our customers. We are progressing towards achieving an operating income of Rs. 10,000 crs in FY18 which will be another milestone in the history of APSEZ ltd.,

Adani Ports and Special Economic Zone Limited published this content on 18 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 18 January 2018 11:04:04 UTC.


ę Publicnow 2018
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Financials
Sales 2022 174 B 2 321 M 2 321 M
Net income 2022 64 863 M 865 M 865 M
Net Debt 2022 278 B 3 704 M 3 704 M
P/E ratio 2022 26,3x
Yield 2022 0,78%
Capitalization 1 660 B 22 127 M 22 123 M
EV / Sales 2022 11,1x
EV / Sales 2023 9,24x
Nbr of Employees 2 773
Free-Float 20,5%
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Mean consensus BUY
Number of Analysts 20
Last Close Price 812,80 INR
Average target price 851,20 INR
Spread / Average Target 4,72%
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Managers and Directors
Karan Gautambhai Adani Chief Executive Officer & Executive Director
Gautambhai Shantilal Adani Chairman & Managing Director
Kamlesh Prabhudas Bhagia Secretary & Compliance Officer
Gopal Krishna Pillai Independent Non-Executive Director
Bharat Kanaiyalal Sheth Independent Non-Executive Director