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Centrum Broking Report
Adani Ports and Special Economic Zone Ltd.’s Q1 FY22 operational performance was strong and in line with our estimates.
Profit after tax grew 72.4% YoY to Rs 13.1 billion, ahead of our estimate of Rs 9.6 billion, led by higher port development income of Rs 7.4 billion.
Cargo grew 83% YoY to 75.7 million tonne. Port revenue/Ebitda grew 75%/78% YoY to Rs 33.4 billion/ Rs 23.6 billion (in-line).
Port Ebitda margin declined 2.6% YoY to Rs 311/million tonne (expanded by 110 basis point YoY in % terms to 70.6%).
Adani Ports has increased its cargo volume guidance by 10 million tonne while lowering its revenue guidance for the logistics business sharply from Rs 14-15 billion to Rs 10-12 billion led by disruption due to farmers’ agitation.
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