Adani Ports & Special Economic Zone Ltd's Q1FY20 consolidated net profit rises 47.5% yoy to Rs1,028.7cr

The company’s consolidated revenue stood at Rs2,794.5cr, up 15.9% yoy but down 9.3% qoq.

August 07, 2019 3:31 IST | India Infoline Research Team

Adani Ports & Special Economic Zone Ltd Q1FY20

Consolidated Results Q1FY20: (Rs. in cr)

Q1FY20 YoY (%)
Revenue 2,794.5 15.9
EBITDA 1,843 16.0
EBITDA Margin (%) 66.1 7
Net Profit (reported) 1,028.7 47.5
***EBITDA margin change is bps
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.
Management outlook:
  • 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).

Technical View:

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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