Adani Ports and Special Economic Zone Limited (“APSEZ”), the largest transport utility in India, a part of globally diversified Adani Group today announced its operational and financial performance for the second quarter and half year ended 30th September 2020.
Financial Performance: -(Rs in cr.)
Particulars |
Q2 FY21 |
Q1 FY21 |
Growth Q o Q |
Cargo (MMT) |
56.25 |
41.41 |
36% |
Consolidated Revenue |
2,903 |
2,293 |
27% |
Consolidated EBITDA * |
1,851 |
1,438^ |
29% |
Port Revenue |
2,432 |
1,904 |
28% |
Port EBIDTA* |
1,719 |
1,324 |
30% |
Port EBIDTA Margin |
71% |
70% |
– |
Forex mark to market – Loss/(Gain) |
(448) |
(37) |
|
PBT |
1,798 |
943 |
91% |
PAT |
1,394 |
758 |
84% |
*EBITDA excluding forex mark to market loss/ (gain),^Excludes one-time donation of Rs.80 cr.
With the easing of lockdown and revival of the economy, cargo throughput at APSEZ rebounded and registered a spectacular growth. The growth was across segments and coasts.
In the month of October ’20, our 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 our 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.
Q2 FY21, Key Highlights: –
- On the back of a rebound in economic activities, cargo volume bounced back and registered a phenomenal growth of 36% on a Q o Q basis and 7% on a Y o Y basis.
- All segments of cargo registered growth on a Q o Q basis. While coal registered 30% growth, container grew by 34%, crude by 52% and other bulk cargo registered a growth of 40%.
- Non-Mundra ports registered a growth of 28%, while Mundra port grew by 40%.
- Cargo volume at Hazira grew by 45%, Kattupalli by 54% and Dahej by 145%.
- Dhamra our eastern gateway port continues to register double-digit growth. Cargo volume at Dhamra increased by 30% on Q o Q basis and 21% on Y o Y basis.
- LNG and LPG which was added as part of our diversified cargo portfolio in October 2019 gained traction. In Q2 FY21, Mundra Port handled 1,42,000 MT of LPG and 5,17,000 MT LNG.
- Adani Logistics operates 60 rakes and continues to be the largest private rail operator in India and handled rail volume of 69,061 TEUs in Q2 of FY21.
H1 FY21, Key Highlights: –
- Free cash flow from operations after adjusting for working capital changes, capex and net interest cost was Rs.2,884 cr. against Rs.1,002 cr. in H1 FY20.
- The said free cash flow is expected to be in the range of Rs.5,500-Rs.6,100 cr. in full year of FY21.
- Our net debt to EBIDTA for H1 FY21 is at 3.44x, this is on account of new debt of USD 750 mn. raised for refinancing debt at KPCL level. We expect the ratio to come down within our targeted range of 3x to 3.5x by FY22.
Awards :
- Dhamra port received Gold Award in 5th EKDKN Exceed Award 2020 under “Environment Preservation” category.
- Kattupalli Port (MIDPL) received 7th Exceed-Platinum Award on Energy Efficiency Category.
- Goa Terminal(AMPTPL) received “Gold Award” under Apex India Green Leaf Award 2019 for outstanding achievement in Environment Excellence in services
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 a focus on preserving the 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 ‘20”