- 02 Nov 2022
- ICICIdirect Research
ADANI PORT REALISATION LIFTS TOPLINE AND PROFITABILITY ADANI PORTS Q2FY23
ADANIPORTS - 1259 Change: -18.00 (-1.41 %)News:
Revenues grew 33% YoY to Rs 5211 crore and above I-direct estimate of Rs 4415 crore (15% growth in APSEZ Port cargo volumes). Bulk volumes (up 30%) continued to surpass growth in container volumes (up 6%). Adjusted EBITDA margin remained rangebound in 62-63% levels, leading to 31% growth in adjusted EBITDA to Rs 3260 crore (I-direct estimate of Rs 2817 crore). Adjusted PAT however, grew 69% to Rs 1678 crore (I-direct estimate: Rs 1564 crore), due to an exceptional loss of Rs405 crore in the base quarter
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Although the growth was broad based, realisation continued to remain strong on the back on renegotiated contracts at the beginning of the year. The management expects bulk to perform strongly, going foward, on the back of favourable domestic macros and higher private capex spend by domestic companies (especially manufacturing). Logistics vertical also saw strong growth (up 30%), based on higher rail volume (up 24% in H1) and terminal volumes (up 43%). The management has not received official communication from the Government of India regarding Concor divestment
Impact:
Positive