Consolidated expenses surge 31%; declares 250% dividend for fiscal 2022

Adani Ports and Special Economic Zone Ltd (APSEZ) posted consolidated net profit of ₹1,033 crore for the quarter ended March 2022, about 22 per cent lower than ₹1,321 crore recorded in the same quarter last year on increased expenses.

The company’s consolidated revenues from operations for the quarter stood at ₹3,845 crore, up 6.55 per cent from ₹3,608 crore in the corresponding quarter last year. Total expenses increased by 31 per cent to ₹3,310 crore for the quarter ( ₹2,527 crore), led by sharp surge in forex loss at ₹524 crore against a net gain of ₹24 crore last year.

For the financial year 2021-22, the company’s consolidated net profit stood at ₹4,795 crore, down five per cent from ₹5,049 crore in the previous year. Consolidated revenues from operations increased 27 per cent to ₹15,934 crore for the year (₹12,550 crore). The consolidated revenues exclude revenues from Gangavaram port.

Total expenses increased by 50 per cent to ₹12,335 crore, driven by higher finance cost and forex loss of ₹872 crore against net gain of ₹715 crore last year. Consolidated EBITDA (excluding Gangavaram) grew by 22 per cent to ₹9,811 crore.

Gangavaram port revenues, dividend

Gangavaram port, reported revenue of ₹1,206 crore and EBIDTA of ₹796 crore in FY22. These numbers are currently not consolidated in APSEZ results, it added.

The board of directors has recommended a dividend of 250 per cent or ₹5 per share of ₹2 each, which works out to a payout of around ₹1,056 crore.

The company did a record cargo volume of 312 MMT with Mundra port alone handling 150 MMT, a feat never achieved by any other commercial port in the country, said Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ.

Giving a guidance for the current fiscal 2022-23, the company informed that with the increase in power demand, and a higher fuel cost allowed as a pass through by some states, a recovery in coal volumes is underway.

APSEZ revenue estimate

APSEZ is expected to handle a cargo volume of 350-360 MMT in 2023, revenue for the period is expected to be ₹19,200 crore- ₹19,800 crore, on the estimated EBIDTA of ₹12,200 crore to₹12,600 crore.

The company has planned a capex of ₹8,600 crore during the period, with expected net debt to EBIDTA ratio in the range of 3x to 3.5x.

During the last fiscal 2021-22, the company invested around ₹11,400 crore including acquisitions and “was successfully managed alongside an organic capex of around ₹3,750 crore, while ensuring that the net debt to EBITDA ratio remained unchanged at ~3.4x,” the company added.

APSEZ shares lost about 3 per cent in early trades on the BSE to trade at ₹731 on Wednesday.

Published on May 25, 2022