Adani Ports' Q3 PAT dips by 16% YoY to ₹1,315.5 cr; Karan Adani says, considering ₹5,000 cr loan repayment
2 min read . Updated: 07 Feb 2023, 01:44 PM IST
Premium- Consolidated revenue from operations came in at ₹4,786.17 crore in Q3FY23, which was up by 17.54% from ₹4,071.98 crore in Q3FY22, but lower by 8.15% as against ₹5,210.80 crore in Q2FY23.
Adani Ports and Special Economic Zone (ASPEZ) missed the street's expectations in terms of profitability and EBITDA for the third quarter of FY23. While revenue put up a mixed show. This Adani Group-backed company posted a consolidated PAT of ₹1,315.54 crore which is attributable to its owners, declining by 16.05% YoY due to a higher forex mark-to-market loss. Its net profit was at ₹1,567.01 crore in the third quarter of FY22.
Sequentially, the decline in PAT was much larger in Q3FY23. The company posted a drop of 21.58% from a profit of ₹1,677.48 crore in the September 2022 quarter.
Consolidated revenue from operations came in at ₹4,786.17 crore in Q3FY23, which was up by 17.54% from ₹4,071.98 crore in Q3FY22, but lower by 8.15% as against ₹5,210.80 crore in Q2FY23.
For the nine months period of FY23, Adani Ports revenue increased by 16% YoY to ₹15,055 crore, while EBITA jumped by 19% YoY to ₹9,562 crore. PAT climbed by 11% YoY to ₹4,252 crore. While net profit attributable to owners stood at ₹4,151.30 crore in 9MFY23, down by 9.72% YoY.
Holding a 24% market share in 9M of the current fiscal, Adani Ports is the country's largest private sector port company.
Karan Adani, CEO, and Whole Time Director said, "With the highest ever revenue and EBITDA over a nine-month period, ASPEZ is well placed to achieve the upper end of its full-year revenue and EBITDA guidance provided for FY23."
Also, Adani said, the company concluded the transactions of Haifa Port Company, IOTL, ICD Tumb, Ocean Sparkle, and Gangavaram Port, and is progressing well in transitioning its business model to a transport utility.
Further, Adani stated that continuing its growth journey, the company is targeting EBITDA of ₹14,500-15,000 crore in FY24.
Besides an estimated capital expenditure of ₹4,000-4,500 crore, Adani said, "we are considering total loan repayment and prepayment of around ₹5,000 Cr, which will significantly improve our Net Debt to EBITDA ratio and bring it closer to 2.5x by March 24."
In the regulatory filing, it said, "APSEZ’s net debt to EBITDA ratio is well within our guided range of 3-3.5x, while our gearing ratio is below one. The performance across various debt covenants has been better than the desired levels."
Adani Ports' share price is trading on a positive note for the third consecutive day. At the time of writing, the share price was performing at ₹567.20 apiece up by 3.87% on BSE. Its market cap is over ₹1.22 lakh crore. The stock has gained by nearly 10% in the early deals with an intraday high of ₹598.70 apiece.
