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  • Adani Port and Special Economic Zone
  • June 04,2019  13:23
  • Adani Port and Special Economic Zone has registered 3% fall in consolidated sales for the quarter ended March 2019 to Rs 3082.49 crore. But with 1240 bps expansion in operating profit margin to 66.2%, the operating profit grew by 19% to Rs 2041.24 crore despite lower sales. Spurred further by higher other income (up 35% to Rs 410.23 crore), the PBIDT was up by 22% to Rs 2451.47 crore. However as interest and depreciation cost as % of operating profit stand lower, the growth at PBT (before EO) was 25% to Rs 1652.37 crore. EO for the quarter was an expense of Rs 68.95 crore compared to nil in corresponding previous period. Thus hit, the PBT after EO was up by 19% to Rs 1583.42 crore. The taxation was down by 32% to Rs 269.20 crore and thus gained by lower tax, the growth at PAT was higher at 41% to Rs 1314.22 crore. After accounting for share of loss from JV ( Rs 0.03 crore compared to nil in corresponding previous quarter) and higher minority interest (up 1158% to Rs 28.81 crore) the net profit (before other comprehensive income) was up by 39% to Rs 1285.38 crore. The other comprehensive income (net of tax) attributable to owners was up by 33% to Rs 14.48 crore and thus the total comprehensive income attributable to owners was up by 39% to Rs 1299.86 crore.
    • Sales were lower by modest 3% to Rs 3082.49 crore and this is despite strong 22% growth in port revenue to Rs 2383 crore. However excluding the lumpy SEZ revenue, the operating revenue was up by 16% to Rs 2722 crore. With port revenue up by 22% to Rs 2383 crore, that of logistics and SEZ was down by sharp 34% (to Rs 148 crore) and 57% (to Rs 361 crore) respectively. But the revenue of ABPO Australia was up by 25% to Rs 132 crore. The other operating income was down by 14% to Rs 59 crore.
    • Despite marginal fall in revenue the operating profit (excluding forex gain/loss) was flat (up 0%) to Rs 1932.13 crore and that is largely due to 210 bps expansion in operating margin (excluding forex impact) to 62.7% from 60.6% in corresponding previous period.
    • Flat operating profit (excluding forex gain/loss) was largely as higher profit from Ports, logistics and ABPO Australia which offset the downside in profit of SEZ. The operating profit of ports was up by 9% to Rs 1492 crore largely facilitated by higher sales as its margin decline by 780 bps to 62.6%. However the profit of logistics doubled to Rs 26 crore despite lower sales and that is largely due to 1170 bps expansion in its segment margin to 17.6%. The segment profit of ABPO Australia was up by 233% to Rs 20 crore facilitated by higher sales and higher margin. The segment margin of ABPO Australia was up by 950 bps to 15.2%. However the EBITDA of SEZ was down by 29% to Rs 335 crore hit largely by lower sales as its segment margin expand by 3660 bps to 92.8%.
    • However excluding the SEZ EBITDA of Rs 335 crore for the quarter (against Rs 471 crore in Q4FY18) and one time expenses of Rs 138 crore the EBITDA grew by 19%.
    • Forex gain for the quarter was Rs 109.11 crore compared to an loss of Rs 219.8 crore in corresponding previous period. Including Forex gain/loss the operating profit margin expanded by 1240 bps to 66.2% and the operating profit was up by 19% to Rs 2041.24 crore.
    • The other income was up by 35% to Rs 410.23 crore. The interest cost was up by 13% to Rs 443.01 crore and depreciation was up by 19% to Rs 356.09 crore. But the interest cost and depreciation as % of OP stood lower for the quarter. Thus the PBT (before EO) was up by 25% to Rs 1652.37 crore.
    • EO for the quarter was an expense of Rs 68.95 crore compared to nil in the corresponding previous period. EO for the quarter was net of derecognise of accrued income amounting Rs 121.90 crore (net of advance of Rs 50 crore received and cost recognised earlier) in respect of Mundra LNG terminal, where substantial work in completed based on preliminary agreement and definite agreement yet to be signed and reversal of an impairment loss amounting Rs 52.95 crore in case of Adani Vizag Coal Terminal.

    Yearly performance

    Sale was down by 4% to Rs 10925.44 crore hit by lower SEZ and logistics revenue. While port revenue was up by 20% to Rs 8897 crore, the revenue of SEZ and logistics was down by 69% and 30% respectively to Rs 769 crore and Rs 583 crore. However operating revenue excluding lumpy SEZ business revenue was up by 15% to Rs 10157 crore. Operating profit/EBITDA (excluding Forex loss/gain) was down by 1% to Rs 7067.48 crore hit largely by 60% fall in profit of SEZ to Rs 665 crore from Rs 1679 crore in the corresponding previous period. The EBITDA of Ports was up by 18% to Rs 6053 crore and that of logistics was up by 18% to Rs 90 crore. But that of ABPO Australia was down by 3% to Rs 35 crore.

    The operating profit (including forex loss/gain) was down by 7% to Rs 6591.56 crore with OPM contract by 210 bps to 60.3%. After accounting for higher other income, lower interest and higher depreciation cost, the PBT before EO was down by 4% to Rs 5195.23 crore.

    The EO for the quarter was an expense of Rs 68.95 crore (down 56% from an expense of Rs 155.18 crore in the corresponding previous period). EO for the quarter was net of derecognise of accrued income amounting Rs 121.90 crore (net of advance of Rs 50 crore received and cost recognised earlier) in respect of Mundra LNG terminal, where substantial work in completed based on preliminary agreement and definite agreement yet to be signed and reversal of an impairment loss amounting Rs 52.95 crore in case of Adani Vizag Coal Terminal. Thus the PBT after EO was down by 2% to Rs 5126.28 crore.

    Eventually the PAT was up by 10% to Rs 4044.81 crore with taxation down by 30% to Rs 1081.47 crore. After accounting for share of profit from JV, minority interest and other comprehensive income (net of tax), the other comprehensive income was up by 9% to Rs 4006.07 crore.

    Management Comment

    Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, FY19 had been a landmark year in the history of APSEZ. We have not only exceeded our guidance of handling of 200 MMT in FY19 but also demonstrated our capability of being resilient and grow across all segments and ports. Our strategy to tie up cargo for our terminals at major ports ensured optimum utilization of these ports. Along with strong growth we have also expanded our EBITDA margins. Recently we have signed a 50 year BOT agreement for operating a container terminal at Yangon. The proposed container terminal at Yangon, Myanmar is part of APSEZ strategy to expand its container terminal network in South-East Asia. The proposed container terminal will be integrated with our Ports/Terminals along the east and south coast of India, unlocking synergies by offering multiple entry/exit points for the shipping lines which wish to call on this region. We will continue to look at opportunities of inorganic growth in Logistics and ports business in India to increase our hinterland and connectivity. We will gain greater influence, beyond ports and concentrate on supply chain management. Our logistics parks will concentrate on warehousing and improving our capability to handle variety of cargo moving in and out of our logistics parks, on our rakes, to our and other ports in India. We believe sustainable development as a core value for our future business proofing. We will continue to protect our environment, use safe operational practices and adopt best corporate governance policies.

    Deepak Maheshwari, CFO and Head of Strategy said, FY19 has been a remarkable year for us. We have recorded sequential growth in cargo, revenue, port revenue and EBITDA in all the four quarters of FY19 and have achieved PAT of over Rs.4,000 cr. for the first time. The Balance Sheet continues to be strong, with net debt to EBIDTA less than 3x. We expect this trend to continue in FY20 giving us the ability to make strategic investments in port and logistics business.'

    Adani Port and SEZ: Consolidated Financial Results

     

    1903 (3)1803 (3)Var. (%)1903 (12)1803 (12)Var. (%)
    Sales3082.493182.86-310925.4411322.96-4
    OPM (%)66.253.860.362.4
    OP2041.241711.61196591.567062.12-7
    Other income410.23304.43351362.341010.9335
    PBIDT2451.472016.04227953.908073.05-1
    Interest Exp443.01391.93131385.191495.37-7
    PBDT2008.461624.11246568.716577.680
    Depreciation356.09298.92191373.481188.3716
    PBT before EO Exp1652.371325.19255195.235389.31-4
    EO Exp/Prior Period Items-68.950.00PL-68.95-155.18-56
    PBT 1583.421325.19195126.285234.13-2
    Current tax269.20396.13-321081.471544.18-30
    PAT1314.22929.06414044.813689.9510
    Share of profit from JV-0.030.00PL-0.060.00PL
    Net Profit1314.19929.06414044.753689.9510
    Minority Interest28.812.29115854.5316.33234
    Net profit1285.38926.77393990.223673.629
    Other Comprehensive Income (net of tax)- attributable to owners 14.4810.893315.859.4069
    Total Other Comprehensive Income (net of tax)- attributable to owners 1299.86937.66394006.073683.029
    EPS* (Rs)##19.317.7
    * Annualised on current equity of Rs 414.19 crore. Face Value: Rs 2
    Var. (%) exceeding 999 has been truncated to 999
    LP: Loss to Profit PL: Profit to Loss
    EO: Extraordinary items
    EPS is calculated after excluding EO and relevant tax
    # EPS can not be annualised due to seasonality in business
    Figures in Rs crore
    Source: Capitaline Corporate Database

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