Adani Ports Q4 Review - In-Line Performance; Continued Focus On Cash Flows: Centrum Broking
Adani Ports & SEZ Ltd.'s Dhamra port (Source: Company website)

Adani Ports Q4 Review - In-Line Performance; Continued Focus On Cash Flows: Centrum Broking

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Centrum Broking Report

Adani Ports and Special Economic Zone Ltd.’s Q4 FY21 operational performance was strong and in-line with our estimates.

Profit after tax grew 285% year-on-year on a low base to Rs 12.9 billion (our estimate: Rs 12.6 billion).

Cargo (including Krishnapatnam port) grew 26.3% YoY to 73 metric tonne.

Port revenue/Ebitda grew 30%/41.6% YoY to Rs 31.2 billion/ Rs 21.7 billion (in-line).

Port Ebitda margin grew 12.1% YoY to Rs 297/metric tonne while in percentage terms expanded 570 basis points YoY to 69.4%.

Free cash in FY21 (net of interest, net working capital and capex) grew 47% to Rs 58 billion.

Click on the attachment to read the full report:

Centrum Broking Adani Ports SEZ - Q4FY21 Result Update .pdf

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