Adani Ports Q4FY23 PAT up 5.1% at Rs1,159 crore as higher opex offsets revenue gains

 Revenues were up 21.12% on sequential basis. For the quarter, the core ports and SEZ activities revenues were up 44% at Rs5,279 crore while the other businesses saw growth of 5.4% on yoy basis at Rs570 crore. In terms of operating profit growth, the ports business saw a sharp spike in operating expenses so the operating profit growth yoy was just 11.5%. Also, the other businesses dipped into operating loss.

While the operating profits for the quarter were up 4.2% overall at Rs1,927 crore, the net profits grew 5.1% on yoy basis to Rs1,159 crore. The operating profits growth took a hit on higher operating expenses in the quarter. For FY23, EBITDA was up 21% yoy at Rs12,833 crore. In Q4FY23, the cargo volumes were up 11% yoy at 86.3 MMT. For FY23 overall, the cargo volumes handled were up 9% at 339 MMT.

Financial highlights for Mar-23 compared yoy and sequentially

 Adani Ports SEZ    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 5,797

₹ 4,141

39.99%

₹ 4,786

21.12%

Operating Profit (Rs cr)

₹ 1,927

₹ 1,849

4.19%

₹ 2,173

-11.32%

Net Profit (Rs cr)

₹ 1,159

₹ 1,103

5.10%

₹ 1,316

-11.91%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 5.36

₹ 5.10

 

₹ 6.09

 

OPM

33.24%

44.66%

 

45.40%

 

Net Margins

19.99%

26.63%

 

27.49%

 

 

The operating margins tapered yoy from 44.66% to 33.24% due to a sharp spike in the operating expenses in the ports and logistics business. Net margins also tapered yoy at 19.99% compared to 26.63% in year ago period. For FY23, the company has declared a dividend of Rs5 per share, entailing a total dividend payout of Rs1,080 crore. Growth in cargo containers was led by coal.

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