APSEZ announces Q3 FY21 Results

PAT increased to Rs.1,577 cr., Cargo volume up 37% & Port Revenue up 35%

 

Q3 FY21 (Y o Y)

  • APSEZ’s Market share in cargo volume up by 6% to 28%
  • Port Revenue and EBIDTA registers a growth of 35% and 38% respectively
  • Port EBIDTA Margin at 71.7%, up 140 bps
  • PBT at Rs.2,013 cr. up 16% and PAT at Rs.1,577 cr. up 16%

Ahmedabad, February 9th, 2021: Adani Ports and Special Economic Zone Limited (“APSEZ”), the largest transport utility in India, a part of globally diversified Adani Group today announced its operational and financial performance for the third quarter and nine months ended 31st December 2020.


Financial Highlights:-

 

 

Particulars
(Amount in Rs. cr.)

Q3

FY21

Q3

FY20

Growth

(Y o Y)

Cargo (in MMT)

76*

56

37%

Operating Revenue

3,746

3,336

12%

Consolidated Operating EBITDA#

2,488

2,287

9%

 

 

 

 

Port Revenue

3,279

2,424

35%

Port EBITDA*

2,351

1,705

38%

Port EBIDTA Margin

71.7%

70.3%

-

Forex mark to market -Loss/(Gain)

(206)

145

 

PBT

2,013

1,739

16%

PAT

1,577

1,356

16%

 

*Overall cargo volume handled by APSEZ excluding Krishnapatnam Port which was acquired in October 2020 was 67 MMT, a growth of 20% on a Y o Y basis.

#Consolidated EBITDA excluding forex mark to market loss/(Gain).

APSEZ acquired Krishnapatnam Port in October, 2020, which is now consolidated, hence the financial numbers of Q3 FY21 are not comparable to Q3 FY20. 

In Q3 FY21, Krishnapatnam Port handled a cargo volume of 10 MMT. Revenue and EBIDTA in Q3 FY21 was Rs.473 cr. and Rs.336 cr. with an EBIDTA margin of 71%.


Financial Highlights (Y o Y): -

Operating & Port Revenue: -

Total Operating Revenue grew by 12% from Rs.3,336 cr. in Q3 FY20 to Rs.3,746 cr. in Q3 FY21. Port revenue has increased by 35% and revenue from logistics business increased by 8%.

 

Port EBITDA*: -

Increased cargo volume and balanced cargo mix enabled Port EBITDA to grow by 38% from Rs.1,705 cr. in Q3 FY20 to Rs.2,351 cr. in Q3 FY21. Port EBITDA margin for Q3 FY21 increased by 140 bps to 71.7%.

 

Logistics business has reported an EBIDTA of Rs. 67 cr. in Q3 FY21 compared to Rs. 58 cr. in Q3 FY20 an increase of 16%.

 

Operational Highlights: -

Q3 FY21 (Y o Y)

  • Ports across all three regions registered strong growth western ports grew by 25% and eastern ports grew by 10%.
  • Mundra port registered a growth of 25% during the quarter led by container and liquid cargo including crude. While container grew by 38%, liquid cargo including crude grew by 22%.
  • Mundra port continues to be the largest container handling port in India for the third consecutive quarters and has handled 1.59 Mn TEUs during the quarter.
  • Mundra port handled 213,000 MT of LPG and 567,000 MT of LNG, which is a growth of 50% and 10% respectively over Q2 FY21.
  • Other western ports of Dahej and Hazira grew by 29% and 14% respectively while Dhamra port on the east coast registered a growth of 10%.
  • Five new container services were added, two at Mundra, two services at Hazira, and one at Kattupalli. The incremental container volume on account of these additional services will be approximately 340,000 TEUs on an annual basis.
  • Our logistics operations remain resilient. In Q3 FY21 it handled rail volume of 81,061 TEUs vs 89,433 TEUs in Q3 FY20.

 

Awards: -

  • Dhamra Port received the “Winner Award” in the 20th Greentech Environment Award 2020.

Mr. Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said,

“The strong and lasting recovery at APSEZ has been the cornerstone of our journey in the recent past. It’s a proven certitude that our business now operates closer to a pure-play utility. Our portfolio of assets, increasing market share in India, and pre-eminence of our network with leadership positions have an unparalleled value proposition.


Our team at APSEZ continues to innovate and establish operational excellence as the key differentiator, thus improving margins. For instance, at KPCL, which was acquired in October, we have improved the EBIDTA margin from 55% to 71%.


APSEZ is well on course to achieve 500 MMT of cargo throughput by FY25. APSEZ will be investing in the logistics and warehousing business with increased investment in Tracks, Rakes as well as land for developing multimodal logistics parks and warehousing facility.


Our businesses and future investments are aligned to sustainable growth with a focus on preserving the environment. We continuously recognize and sponsor more sustainable options in an effort to manage and reduce the effect on the environment. Our environmental footprint strategy seeks to address greenhouse gas emissions and waste throughout the entire operation as we strive to continually strengthen our environmental practices and become carbon neutral by 2025.”