Adani Ports and Logistics announces H1FY20 Result

Consolidated cargo volume crosses 109 MMT – Y o Y growth of 9%

Total Revenue registers a growth of 12%

Consolidated EBITDA* increases by 10%

Profit Before Tax up 31%

Profit After Tax up 58%, EPS stood at Rs.10.03

Ahmedabad, November 11th, 2019: Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer, operator and the logistics arm of Adani Group, today announced its operational and financial performance for the first half and second quarter ended 30th September, 2019.

Operational Highlights: - (on YoY Basis)

Adani Ports and SEZ ltd., continues to handle record cargo. In H1 FY20 cargo throughput was 109 MMT a year on year growth of 9%.

Ports across all the three regions registered strong growth. Dhamra the eastern port of APSEZ registered a growth of 46%, Kattupalli the southern port registered a growth of 17%. The western ports of Hazira grew by 7% and Mundra grew by 5%.

Financial Highlights:-

Consolidated Revenue: -

Total Revenue on a year on year basis grew by 12 % from Rs.5,019 cr. in H1 FY19 to Rs.5,616 cr. in H1 FY20. This is primarily on account of port revenue increasing by 13% and revenue from logistic operations increasing by 43%.

Consolidated EBITDA*: -

Increased cargo volume and ability to maintain realization enabled core EBITDA to grow by 10% from Rs.3,292 cr. in H1FY19 to Rs.3,634 cr., in H1 FY20. EBITDA margins were at 65% in H1 FY20 compared to 66% in H1 FY19.

Consolidated PBT and PAT: -

Profit before Tax increased by 31% from Rs.1,722 cr. in H1 FY19 to Rs.2,248 cr. in H1 FY20. Similarly, Profit after Tax increased by 58% from Rs.1,296 cr. in H1 FY19 to Rs.2,055 cr. in H1 FY20.
EPS for H1 FY20 was Rs.10.03.

Other Updates:-

APSEZ successfully completed its first buyback of 3.92 cr. equity shares at an offer price of Rs.500 per share. This payout was in addition to the 10% dividend paid to investors for FY 19. Thus, the total payout to shareholders for FY19 was 50% compared to 11% in FY 18.

Mundra Port:-

1. Commissioned a new Container Terminal with a capacity of 0.5 mn. TEUs.

2. LPG operations commenced with a capacity of 3.2 MMT in Oct, 2019

Kattupalli Port:-

1. Commenced operations of liquid terminal with a capacity of 60,000 KL.

Hazira Port:-

1. Additional liquid tank farms with a capacity of 24,000 KL operationalized.

2. A new container service namely “Indian West Coastal” commenced.

Awards: -

• Mundra Port wins “Maritime Gateway Container Port of the year, 2019”.

• APSEZ was felicitated with ‘Honorary Special Mention’ award at the first National CSR Award ceremony organized by Ministry of Corporate Affairs in New Delhi.

Mr. Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said “APSEZ continues to gain market share due to strategy of having multi commodity ports across key locations. Our market share in H1 FY20 has increased by 100 bps to 22% of all India cargo volume and to 35% of all India container volume.

Though Q2 of FY20 was subdued container volume continues to be strong. We expect H2FY20 to be better and confident of achieving 224-228 MMT of cargo throughput in FY20.

With the recent cut in Repo rate, corporate tax reduction and resolve of the Government to accelerate economic growth, we expect economy to revive from Q1FY21. With our pan India presence and ability to handle all types of cargo at all our ports, we are best placed to capture the revival in Indian economy and are confident of achieving 10 to 12% CAGR cargo volume growth for the next few years.

Automation and use of technology to handle cargo, sweating of enhanced capacity and better cargo mix will continue to drive margin expansion. We believe sustainable development as a core value for our business future proofing. Protecting our environment, creating and maintaining safe operating environment and adopting best corporate practices will continue to be our focus areas”.