Nov 12, 2017

Editor’s Synopsis

  • Operating Income up by 36 %
  • Operating EBITDA up by 25 %
  • PBT up by 21 %
  • Consolidated PAT was Rs. 1751 Crs
  • Net Debt/EBITDA at 2.64x,
  • Container volume grows by 19%


Ahmedabad, November 13th, 2017: Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and the logistics arm of Adani Group, today announced their financial results for the half year ended 30th Sept, 2017.

H1 FY18: -
Financial Highlights: -

  • Consolidated Revenue from operations increased by 36% to Rs. 5451 crs in H1FY18 from Rs. 3999 crs in H1FY17.
  • Consolidated Operating EBITDA increased by 25% to Rs.3383 crs in H1FY18 from Rs.2711 crs in H1FY17.
  • Consolidated PBT increased by 21 % to Rs.2470 crs in H1FY18 from Rs.2037 crs in H1FY17.
  • Consolidated Profit after Tax was Rs.1751 crs.

The Profit after Tax is lower due to higher tax incidence to Rs. 710 crs in H1FY18 from Rs.143 crs in H1FY17. This is because Mundra port has come out of tax holiday period. However, from cash flow angle there is no incremental impact as company has MAT credit entitlement of Rs.2700 crs.

Operational Highlights:-

  • In H1FY18, APSEZ handled Cargo of 87 MMT.
  • Container volumes grew by 19 %.
  • Other bulk cargo (excluding coal) grew by 12%, of these, while Agri products grew by 79 %, Chemicals grew by 26 % and Minerals grew by 20%
  • The Larger ports viz., Mundra, Hazira and Kattupalli continue to register growth in overall cargo volumes. Mundra, the largest port of APSEZ grew by 4 %, Hazira grew by 10 % and Kattupalli grew by 28 %.

Q2 FY18: -

Financial Highlights: -

  • Consolidated Income from operations increased by 25% to Rs. 2706 crs in Q2 FY18 from Rs.2173 crs in Q2FY17.
  • Consolidated operating EBITDA increased by 16% to Rs. 1785 crs in Q2FY18 from Rs.1541 crs in Q2FY17.
  • Consolidated PBT increased by 19 % to Rs.1378 crs in Q2FY18 from Rs.1158 crs in Q2FY17
  • Consolidated Profit after Tax was Rs.992 crs.

The Profit after Tax is lower due to higher tax incidence to Rs. 381 crs in Q2FY18. from Rs.82 crs in Q2FY17 .

APSEZ in H1FY18, generated free cash flows of Rs.690 crs and reduced net debt by Rs.737 crs.
Net debt as of 30th Sept, 17 is Rs.17,864 crs.
Net Debt to EBITDA now stands at 2.64x compared to 3.27x as of FY17.

Awards and other Important Developments: -

  • Mundra Port wins “Best Private Port of the Year” award given by MALA in Sep,17, Golden Peacock Award function at the World Congress Global Conference on Environment.
  • Mundra Port wins “The Maritime Nation India Environment Protection” award for Best Environment Protection Port and “Best Shipping port of the year award” at India Cargo awards function.

Mr. Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, “Our efforts to diversify and change cargo mix continue to yield results. Other bulk cargo and containers continue to register double digit growth and this trend should continue in years to come. While West coast continues to register double digit growth in containers, east coast specifically Dhamra has huge potential to grow exponentially. We would continue to increase our footprints in Logistics space and further improve our port to hinterland connectivity. We would thus aim to become a truly fully integrated player providing end to end service to our customers