Adani Ports and SEZ (APSEZ) reported 15.9% yoy revenue growth for the quarter to Rs2,294.5cr. EBITDA grew by 16% yoy (excluding forex) to Rs1,843cr with flat EBITDA margin which stood at 66%. Depreciation and interest costs were up by 21.1% and 80.3% yoy. Other income grew by 44.3% yoy to Rs422.5cr. Thus, PAT reported growth of 47.5% yoy to Rs1,028.7cr during the quarter.
Cargo volume rose 18% yoy to 57MMT in Q1FY20, outperforming the all India cargo volume growth of 8% yoy. Company’s market share improved by 100bps to 22%. Container cargo reported growth of 8% yoy.
Mundra Port registered 16% yoy volume growth, Hazira 20% yoy and Kattupalli grew by 16% yoy.
Coal cargo rose 38% yoy and other bulk cargo grew by 33% yoy.
Cargo Mix for the quarter: coal - 35%, container - 39% and crude plus other cargo - 26%.
In the logistics segment, rail volume registered growth of 27% yoy.
During the quarter, company signed a MOU for the container terminal at Yangon, Myanmar on May 23, 2019. Also, an innovative B2B Logistics acquisition process was completed in August 2019.
Overall cargo volume for FY20E is expected to grow by ~10%, at least 1.5x of all India cargo growth.
Revenue growth is expected at 12-14% for FY20E. SEZ income expected at Rs800-1,000cr, which includes Rs600-800cr of Port Development and Lease income of Rs150-200cr. EBIDTA margin guidance is between 60-65% for the year.
Total capex guidance for the year stands at Rs4,000cr – existing portfolio (Rs2,500cr), Myanmar (Rs1,000cr) and logistics (Rs500cr).
Adani Ports & Special Economic Zone Ltd is currently trading at Rs. 373.80, down by 3.15 points or 0.84% from its previous closing of Rs. 376.95 on the BSE.
The scrip opened at Rs. 380.75 and has touched a high and low of Rs. 380.75 and Rs. 365.85 respectively. So far 36,36,079 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.
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