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Informist, Thursday, Jan. 30, 2025

 

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--Adani Ports Oct-Dec consol PAT INR 25.20 bln vs INR 22.08 bln year ago
--Analysts saw Adani Ports Oct-Dec consol net profit INR 25.93 bln
--Adani Ports Oct-Dec consol revenue INR 79.64 bln vs INR 69.20 bln year ago
--Adani Ports Apr-Dec consol PAT INR 80.78 bln vs INR 60.71 bln
--Adani Ports Apr-Dec consol sale INR 219.87 bln vs INR 198.14 bln
--Adani Ports Oct-Dec ports revenue INR 74.13 bln vs INR 63.58 bln
--Adani Ports Oct-Dec non-Mundra domestic port volumes 57.7 mln tn, down 1% YoY
--Adani Ports Oct-Dec Mundra port volumes 48.8 mln tn, up 2% on year
--Adani Ports: FY25 guidance for cargo volume 460-480 mln tn
--Adani Ports: FY25 revenue guidance INR 290 bln-INR 310 bln
--Adani Ports: Raised FY25 EBITDA guidance to INR 188 bln-INR 189 bln
--CONTEXT: Adani Ports had guided for FY25 EBITDA INR 170 bln-INR 180 bln
--Adani Ports: FY25 capex guidance INR 105 bln-INR 115 bln
 

 

By Avishek Rakshit

KOLKATA – Adani Ports and Special Economic Zone Ltd., India's largest private port operator, saw a 14.1% on-year increase in its consolidated net profit for the December quarter to INR 25.2 billion, driven by higher international cargo handling and revenue growth. However, rising operational costs resulted in the net profit missing the Street's projection of INR 25.9 billion.

 

Consolidated revenue grew by 15.1% on year to INR 79.6 billion in Oct-Dec against the Street's estimate of INR 73.3 billion.

 

Adani Ports operates across 14 ports in India, handling over one-fourth of the country's total port cargo volume. In Oct-Dec, the company handled 112.5 million tonnes of cargo, marking a 4% on-year increase. Domestic cargo handling showed modest growth, rising just 1% to 106.5 million tonnes while international cargo saw a significant 118%-on-year rise to 6 million tonnes, fuelling the revenue to grow 16.6% on year to INR 74.1 billion.

 

Most of the growth came from Mundra port, the company's most profitable asset. Excluding Mundra, domestic volumes declined by 1% on year to 57.7 million tonnes. Mundra port's volumes rose by 2% on year to 48.8 million tonnes. In November, the port handled 396 vessels and completed 845 vessel movements, marking its highest-ever monthly performance. Mundra port also exported a record 5,405 cars 580 on a single consignment in November. During the quarter, Gangavaram port also began operations at its new container terminal.

 

Container cargo was the main driver of the overall increase in cargo volume, rising 7.9% on year. Mineral handling saw 2.5% on-year growth while other dry cargo and liquid cargo registered marginal growth. However, coal handling declined by 8.2% on year, with domestic, coastal, and coking coal handling also falling.

 

Revenue from international operations jumped up by 38% on year to INR 11.2 billion, and revenue from special economic zone operations and port development surged 516% to INR 1.5 billion. The logistics vertical reported 31% revenue growth at INR 6.9 billion.

 

"I am excited to share the fantastic momentum we have achieved during 9M FY25 (Apr-Dec), driven by exceptional execution across 3 key areas of our business--market share gains coupled with volume-price mix increase, traction in logistics vertical, and operational efficiencies along with technology-led gains," Whole-Time Director and Chief Executive Officer Ashwani Gupta said in a company-issued statement.

 

From April to December, the market share of Adani Ports in pan-India cargo handling rose to 27.2%, up from 26.5% in the financial year 2023-24 (Apr-Mar). The company saw an increase in its container handling market share, which grew to 45.2% from 44.2%.

 

However, total expenses for the company surged 13.1% on year, reaching INR 51.9 billion. This was primarily driven by a 16.8% rise in operating expenses, which amounted to INR 21.3 billion. Interest and bank charges increased by 10.5% on year to INR 7.6 billion. The company suffered a foreign exchange loss of INR 244.1 million, against a gain of INR 1.1 billion in the year-ago period.

 

Its earnings before interest, tax, depreciation, and amortisation increased by 15% on year to INR 48.0 billion against the Street estimate of INR 44.5 billion. Confident about its financial performance, Adani Ports raised its EBITDA guidance to INR 188 billion–INR 189 billion in FY25 from the earlier projection of INR 170 billion–INR 180 billion.

 

Adani Ports expects to handle 460-480 million tonnes of cargo in FY25, which will contribute to a top-line growth of INR 290 billion-INR 310 billion. The company plans to invest INR 105 billion-INR 115 billion in the current financial year. From April to December, Adani Ports handled 332 million tonnes of cargo, a 7% on-year rise, with revenue increasing 14% to INR 225.9 billion. The bottom line for the nine months ended Dec. 31 was INR 80.8 billion, up 33.1% on year.

 

On Thursday, shares of Adani Ports ended at INR 1,077.05 on the National Stock Exchange, down nearly 2% from the previous close. The company declared its Oct-Dec earnings during market hours and the scrip fell shortly thereafter.  End

 

Edited by Subhojit Sarkar

 

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