The company's March-quarter consolidated revenue from operations rose almost 24% to ₹3,608 crore
Adani Ports and Special Economic Zone Ltd on Tuesday reported a consolidated net profit of ₹1,288 crore for the quarter ended 31 March, 2021. The company had posted a profit of ₹334 crore in the year-ago period.
The company's March-quarter consolidated revenue from operations rose almost 24% to ₹3,608 crore as against ₹2,921 crore a year ago, the company said in a regulatory filing.
The board has recommended a dividend of ₹5/-) per equity share of Rs. 2/- each fully paid-up for FY21. "The Company will inform in due course the date on which the Company will hold Annual General Meeting for the year ended 31st March, 2021 and the date from which dividend will be paid or warrants thereof will be dispatched to the shareholders," it further stated.
The company sees FY22 consolidated EBIDTA at ₹1,020 crore to ₹1,070 crore. It said that it sees its free cash flow to be in range of ₹5,500 crore to ₹6,000 crore, while the consolidated revenue should come around ₹1,600 crore to ₹1,680 crore.
The company may abandon Myanmar project if found to violate US sanctions, it stated. It added that it's in talks with US-based "Morrison Foerster" to ensure compliance with OFAC sanctions relating to the Myanmar project.
"In a scenario wherein Myanmar is classified as a sanctioned country under the OFAC, or if OFAC opines that the project violate the current sanctions APSEZ plans to abandon the project and write down the investments. The write-down will not materially impact APSEZ, as it is equivalent to about 1.3% of the total assets," it said.
Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, “FY21 has been a transformational year for APSEZ. Some of the key decisions we took this year have set the foundation for the coming decade. Our customer centric approach has yielded good result for us as our market share increased by 4% on a panIndia basis. Mundra port which is the largest commercial port in the country, this year has also become the largest container port in the country surpassing JNPT by a big leap. We have also been able to restructure our cost fundamentally and were able to demonstrate an increase in EBIDTA margin by 1% taking our port margins to 70%. On the growth side we used this time to complete four large acquisitions i.e Krishnapattanam port, Gangavaram port, Dighi port and Sarguja Rail line, taking our total portfolio to 13 ports in the country. The total value of said investment was Rs.26,000 cr. We have also been able to take another milestone step in our international journey by foryaing into container terminal in Colombo port. With these steps we are truly in the right direction to take APSEZ from a port company to a transport utility company delivering full logistics solution to our customers.
On Tuesday, the company's scrip on BSE closed 0.87% higher at ₹768 apiece.