Adani Ports & Special Economic Zone Ltd's Q4FY19 consolidated net profit rises 38.69% yoy to Rs1,285.38cr : Misses Estimates

The company’s consolidated revenue stood at Rs3,082.49cr, down 3.15% yoy but up 9.16% qoq.

May 28, 2019 03:05 IST India Infoline Research Team

Adani Ports & Special Economic Zone Ltd Q4FY19

Consolidated Results Q4FY19: (Rs. in cr)

Q4FY19 YoY (%)
Revenue 3,082.49 [3.2]
EBITDA 2,041.24 19.3
EBITDA Margin (%) 66.2 1,244
Net Profit (adjusted) 1,285.38 38.7
***EBITDA margin change is bps
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.

Technical View:

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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