Adani ports FY18 Revenue up 34%

Free cash flows of Rs.1253 cr | Dividend Pay-out Ratio increased to 11% | Container Volumes cross 5 Mn TEU’s

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Editor’s Synopsis

    

       Ahmedabad, May 3rd, 2018: Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and the logistics arm of Adani Group, today announced another stellar operational and financial performance for the year ended and fourth quarter ended 31st March, 2018.

 

FY18: -

  • Consolidated Revenue from operations on Year on Year (Y o Y) basis in FY18 up by 34% at Rs.11, 323 cr.

 

  • Consolidated PAT on Year on Year basis is Rs. 3,683 cr.

 

  • EPS for  FY18  is Rs.17.74 per share

 

  • Consolidated cargo volumes on Year on Year basis increased by 7 % from 169 MMT (FY17) to 180 MMT (FY18).

 

  • Container volumes cross five million TEU’s, an increase of 20% on Y o Y basis to 5.11 million TEU’s.

 

The Profit after Tax would have been higher but for higher tax incidence to Rs 1,544 cr in FY18 from Rs 287 cr in FY17. 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. The MAT credit as on 31st March, 2017 was Rs. 2,685 cr.  As of 31st March, 2018 the balance MAT credit is Rs.2,025 cr.

 

Dividend Pay-out for FY18 has been increased to 11% from 7 % in FY17.

 

The company firmly believes in rewarding shareholders along with company’s growth.  The Existing Dividend Policy has been modified and dividend pay-out ratio is now linked with Profit after Tax.  From FY19 onwards, company will target to pay up to 15% of its net profit to shareholders.

 

Q4FY18: -

 

  • Consolidated Revenue from operations for Q4 FY18 up by 43 % at Rs. 3,183 cr

 

  • Consolidated PAT for Q4FY18 is Rs.938 cr

 

  • EPS for Q4 FY18 is  Rs. 4.48 per share

 

  • Consolidated cargo for Q4FY18 increased by 6% to 45.44 MMT as against 42.67 MMT in Q4FY17

 

The Profit after Tax would have been higher but for higher tax incidence to Rs. 396 cr in Q4FY18 from Rs.12 cr in Q4FY17. 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. The MAT credit as on 31st March, 2017 was Rs. 2,685 cr.  As of 31st March, 2018 the balance MAT credit is Rs.2,025 cr.

 

FY 18 Highlights:

 

  • Consolidated Revenue from operations registered a growth of 34% from Rs. 8,439 cr in FY17 to Rs. 11,323 cr in FY18
  • Consolidated EBITDA after excluding forex gain or loss increased by 32% from Rs. 5,414 cr in FY17 to Rs. 7,145 cr in FY18.
  • Profit after Tax is Rs. 3,683 cr
  • EPS for FY18 is Rs. 17.74 per share
  • In FY18, APSEZ handled Cargo of 180 MMT, a growth of 7 % Y o Y surpassing All India cargo growth of 4%
  • Container volumes cross 5 million TEU’s an increase of 20% on Y o Y basis, surpassing All India container growth of 13%

 

 

Q4 FY 18 Highlights:-

 

  • Consolidated Revenue from operations registered a growth of 43% from Rs. 2,231 cr in Q4FY17 to Rs. 3,183 cr in Q4FY18
  • Consolidated EBITDA after excluding forex gain or loss increased by 45 % from Rs. 1,333 cr in Q4FY17 to Rs.1,931 cr in Q4FY18.
  • Profit after Tax is Rs.938 cr
  • EPS for Q4 FY18 is Rs. 4.48 per share
  • In Q4FY18, APSEZ handled Cargo of 45.44 MMT, a growth of 6 % Y o Y.

 

Other Important Developments: -

 

The company continues to reduce its Debt. Net Debt reduced by Rs. 655 cr from Rs. 18,600 cr to Rs.17,945 cr

 

Key Ratios continue to Improve. While, ROCE has improved to 14.4% from 12.1% in FY17, Net Debt to EBITDA has reduced to 2.54x. from 3.27x

 

Mr. Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, “It has been another year of strong performance. We will continue to give thrust on increasing capacity utilization and improving operational efficiencies.  We expect EBITDA margins to increase by at least 100 BPS every year and peak at around 73%. In order to optimally utilize our cash from operations, we have formulated a capital allocation policy. Also, to give sustainable reward to our shareholders, Board has approved a modified dividend policy. Going forward, we will continue to initiate steps to further improve our transparency, disclosures and corporate governance”.

© 2018 Adani Group