Adani Ports and SEZ FY’13 PAT up 49% at Rs.1,754cr

Abbot Point valued at full investment price

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Editor’s Synopsis

Ahmedabad, May 15, 2013: Adani Ports & SEZ Ltd, India’s largest private port developer and part of Adani Group, today said

 

“The independent valuation of Abbot Point investment as per the instructions of the independent directors has been done. Though the valuation was at a price below the investment value, the promoters have accepted to pay the full investment value of AUD 235.71 Million.

 

The divestment of investments (subject to certain approvals to be received) results in to a gain of Rs. 70 crores as a standalone basis; and on a consolidated basis a gain of Rs.420 crores. The accounts of Abbot Point have not been consolidated with the company.”

 

Total income of Adani Ports rose 41% to Rs.3,564 crore for the year 2012-13 compared to Rs.2,522 crore in the previous year.

 

The net profit for the current year increased by 49% to Rs.1,754 crore as compared to Rs.1,177 crore in the previous year. The EBIDTA increased by 53% to Rs.2,673 crore compared to Rs.1,752 crore in the previous year. EBIDTA margins of the company rose to 75% in FY’13 from 69% in FY'12. The cargo handled by the company at its Adani ports stood at 82.13 MMT FY13 an increase of 21%, over a year ago.

 

Commenting on the results, Mr. Gautam Adani, Chairman, Adani Ports & SEZ Ltd. said, “Adani Ports is indeed India’s foremost port and it is a matter of pride that it continues its march towards becoming the biggest commercial port in India. Disinvestment of the port at Abbot Point, Australia will further give fillip to its growth plans”.

 

Further elaborating on the financial performance, Mr B Ravi, Chief Financial Officer, Adani Ports & SEZ Ltd, said, “we had a very robust growth on all fronts and improved margins during 12-13. Our focus on continuously improved service levels, end to end process efficiencies and innovative customized solutions have made us a preferred port for our diversified customers. We will maintain our leadership position and create substantial stakeholders value.”  

 

On consolidated basis the total income rose 40% to Rs.3,841 crore for the year 2012-13 compared to Rs.2,749 crore in the last year. The net profit for the current year excluding Abbot point increased by 44% to Rs.1,608 crore as compared to Rs.1,117 crore in the previous year and net profit for the year after Abbot point disinvestment increased by 47% to Rs.1,623 crore as compared to Rs.1102 crore in the previous year. The EBIDTA increased by 47% to Rs.2,640 crore compared to Rs.1,798 crore in the previous year. The consolidated cargo handled by the company stood at 90.71 MMT in FY13 an increase of 29%, over a year ago.

 

The cargo handled at all other ports have shown de-growth of 3%.


 
On quarterly basis total income rose 58% to Rs.1,031 crore for the current quarter ended March 31, 2013 compared to Rs.652 crore in the corresponding quarter last year. The net profit increased by 45% to Rs.491 crore for the current quarter as compared to Rs.339 crore in the corresponding quarter previous year. The EBIDTA increased by 66% to Rs.768 crore compared to Rs.463 crore in the corresponding quarter previous year. The cargo handled by the company at its Adani ports stood at 22.89 MMT, an increase of 38%, over the corresponding quarter a year ago.

 

On a consolidated basis, total income rose 54% to Rs.1,082 crore for the quarter ended March 31, 2013 compared to Rs.704 crore in the corresponding quarter last year. The net profit for the current quarter excluding Abbot point increased by 44% to     Rs.440 crore against Rs.305 crore in the corresponding quarter previous year and net profit after Abbot point disinvestment increased by 197% to Rs.710 crore as compared to Rs.239 crore in the corresponding quarter previous year. The EBIDTA increased by 49% to Rs.698 crore compared to Rs.470 crore in the corresponding quarter previous year. The consolidated cargo handled is 25.67 MMT an increase of 49% over the corresponding quarter a year ago.  

 

The port at Dahej has performed exceedingly well during the year. There is a four-fold increase in cargo handled at Dahej port of 7.56 MMT as against 2.14 MMT cargo handled a year ago.    

 

Adani ports continues to be the 2nd largest commercial port of India both in total cargo as well as in the containers.

 

The Board of Directors have recommended a dividend of 50% i.e Rs.1 per equity share for FY 12-13. 

 

Progress on Other Port Projects and Other Highlights:
The progress at all other ports in Hazira, Goa, Vizag, Tuna Tekra are on schedule.

© 2015 Adani Group