Adani Ports Q4 Results Review - Inline Performance; Outlook Remains Bright: Motilal Oswal

Motilal Oswal Report

Adani Ports and Special Economic Zone Ltd. reported a revenue growth of 19% YoY to Rs 68.9 billion in Q4 FY24 (in line). During the quarter, the company recorded 26% YoY growth in cargo volumes to reach 108.8 million metric tonne.

Ebitda margin came in at 58.6% in Q4 FY24 versus our estimate of 59.4% (up 220 bp YoY, down 190 bp QoQ). While Ebitda grew 24% YoY to Rs 40.4 billion, adjusted profit after tax increased 11% YoY to Rs 22.9 billion (in line with our estimate).

In Q4 FY24, port revenues rose 24% YoY to Rs 54.7 billion and Ebitda margins stood at 70% (flat YoY). Logistics revenues grew 5% YoY to Rs 5.6 billion and Ebitda margins stood at 18.7% (versus 24.8% in Q4 FY23).

During FY24, revenue increased 28% YoY to Rs 267 billion, Ebitda grew 24% YoY to Rs 158.7 billion, and APAT stood at Rs 89 billion (+16% YoY). Adani Ports has declared a dividend of Rs 6 per share in FY24, with a total payout of Rs 13 billion.

Adani Ports reported a robust FY24 by handling 420 mmt of cargo volume, surpassing the management’s revised cargo volume guidance of 400 mmt. Further, through debt reduction, Adani Ports has achieved a net debt-to-Ebitda ratio of 2.3 times versus 3.1 times in March 2023.

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