Adani Ports

NSE -0.54 % & SEZ on Wednesday reported a 31.38 per cent year-on-year (YoY) drop in consolidated net profit at Rs 951.70 crore in the September quarter compared with Rs 1,387 crore in the same quarter last year.
The profit figure came in lower than ET NOW poll estimate of Rs 1,375 crore.

Consolidated sales for the quarter rose 21.70 per cent to Rs 3,532.40 crore compared with Rs 2,902.50 crore in the year-ago quarter. Revenue also fell short of ET NOW poll estimate of Rs 3,877 crore.

Ebitda for the quarter came in at Rs 2,260 crore against ET NOW poll expectation of Rs 2,600 crore. Margin at 63.9 per cent also failed to match Street expectations of 67 per cent.

“During Q2 FY22, pursuant to a notification issued by DGFT in September, which amends eligibility conditions, the company has provided for its receivable under SEIS amounting to Rs 405 crore and shown as an exceptional item. However, the company has contested the said application for its tenability and retrospective application,” the company said.

The company said net debt to Ebitda for H1 FY22 remained within the desired range of 3-3.5 times and stood at 3.26 times as of September 30.

Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, “Our strategy of geographic expansion with a focus on higher-growth regions, balancing cargo mix, expansion in the logistics business, particularly rail transportation, and foray into Grade-A warehousing segment reflects our move towards a ‘Transport Utility’ business model and is resulting in a continuous
increase in our market share.”

“Our acquisitions of Sarguja rail, Dighi port, and Gangavaram port, alongside the foray into Sri Lanka with a greenfield port in Colombo, all during H1, are steps in that direction. We are on track to achieve our volume target for FY22, which will be a milestone year for APSEZ,” Adani said.

Source: Economic Times