Adani Ports records healthy Q2FY21; company expects cargo volume in FY21 between 245-250 MMT

Adani Ports SEZ registered a consolidated net profit of Rs1,393.69cr in the September 2020 (Q2FY21) quarter, compared to Rs1,059.20cr a year ago same period, registering a growth of 31.57%. At around 2.33 pm, Adani Port was trading ay Rs354.60 per piece up marginally on Sensex. The stock has gained to an intraday high fo Rs369.30 per piece.

Consolidated revenue from operations stood at Rs2,902.52cr witnessing a single-digit growth of 3% yoy.

Key highlights of Q2FY21 as per the filing are:

• On the back of a rebound in economic activities, cargo volume bounced back and registered a phenomenal growth of 36% on a qoq basis and 7% on a yoy basis.
• All segments of cargo registered growth on a qoq basis. While coal registered 30% growth, container grew by 34%, crude by 52% and other bulk cargo registered a growth of 40%.
• Non-Mundra ports registered a growth of 28%, while Mundra port grew by 40%.
• Cargo volume at Hazira grew by 45%, Kattupalli by 54% and Dahej by 145%.
• Dhamra our eastern gateway port continues to register double-digit growth. Cargo volume at Dhamra increased by 30% on qoq basis and 21% on yoy basis.
• LNG and LPG which was added as part of our diversified cargo portfolio in October 2019 gained traction. In Q2 FY21, Mundra Port handled 1,42,000 MT of LPG and 5,17,000 MT LNG. Adani Logistics operates 60 rakes and continues to be the largest private rail operator in India and handled rail volume of 69,061 TEUs in Q2 of FY21.

Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, “APSEZ has proven the utility nature of its portfolio of assets by increasing the market share in India to 24% in overall cargo. With economy reopening in stages, APSEZ has returned to growth trajectory registering a cargo volume growth of 36% on a qoq basis. Port EBIDTA improves to 71% on account of continuous focus on operational efficiency. Our focus continues to be on preserving cash and ensuring adequate liquidity. We continue to increase our free cash generation, in H1 FY21 cash flow from operations after adjusting for working capital changes, CAPEX and net interest cost, stands at Rs2,884 cr.”

Adani added, “We expect cargo volume in full-year FY21 to be in the range of 245 to 250 MMT including KPCL, which we acquired in October ‘20”

According to Adani, in the month of October ’20, our ports excluding Krishnapatnam Port (KPCL) handled cargo volume of 22 MMT which is a growth of 21% on a year on year basis. KPCL the newest port in our portfolio handled cargo volume of 3.2 MMT.

For FY21, we expect cargo throughput excluding Krishnapatnam Port to be in the range of 225-230 MMT. Additionally, Krishnapatnam Port is expected to handle around 20 MMT in H2 FY21, said Adani.
Source: Adani

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