Adani Ports and SEZ (APSEZ) reported numbers for Q4FY19 missed estimates on all fronts. The consolidated revenue declined by 3.2% yoy to Rs3,082cr against median consensus estimates of Rs3,262cr. EBITDA grew by 19.3% yoy to Rs2,041cr against median consensus estimates of Rs2,082cr. EBITDA margin expanded by 1,244bps yoy to 66.2%. Reported PAT came in at Rs1,285cr, up 38.7% yoy, against estimate of Rs1,365cr.
Port Revenue grew by 22% yoy to Rs2,383cr in Q4FY19 from Rs1,947cr in Q4FY18 on the back of strong cargo volume growth.
SEZ port led development income earned in Q4FY19 was Rs361cr compared to Rs838cr earned in Q4FY18. This led to reporting of lower consolidated revenue.
Cargo volume grew by 19% yoy in Q4.
Ports across all regions reported strong growth.
Mundra – the flag ship port of APSEZ, grew by 21% yoy and handled a record volume of 36 MMT.
Kattupalli port in Chennai registered a growth of 20% yoy, Dahej grew by 32% yoy and Hazira grew 5% yoy.
Within Cargo, coal was up 30% yoy, containers grew 11% yoy, crude was up 3% yoy bulk cargo other than coal grew by 36% yoy.
Adani Ports & Special Economic Zone Ltd ended at Rs. 412.55, up by 3.15 points or 0.77% from its previous closing of Rs. 409.40 on the BSE.
The scrip opened at Rs. 409.30 and touched a high and low of Rs. 416.90 and Rs. 405.75 respectively. A total of 3,00,903 (NSE+BSE) shares were traded on the counter. The stock traded below its 50 DMA.
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