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ICICI Direct Report
Lower coal offtake impacted Adani Ports and Special Economic Zone Ltd.'s performance vis-a-vis estimates.
Revenues grew 22% YoY to Rs 3532 crore, led by volume growth of 22% Ebitda margins remained range-bound at 62-63%. Subsequently, absolute Ebitda grew 19% to Rs 2207 crore.
However, profit after tax de-grew 33% to Rs 933 crore due to an exceptional expense of Rs 405 crore (relates to retrospective capping of Service Exports from India Scheme income by Director General Of Foreign Trade.)
Further Adani Ports, with its strong free cash flow generating assets, diversified cargo mix and overall leadership in Indian ports, continues to build its strength in other verticals such as rail logistics and warehousing, thereby building a complete integrated logistics solution for Exim and domestic customers.
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