Adani Ports and Special Economic Zone Ltd.'s gross debt increased by Rs 81 crore in the first nine months of fiscal 2023 as the ports operator incurred foreign exchange losses due to weakening of the rupee.
The gross debt, as of December 2022 stood at Rs 45,534 crore compared with Rs 45,453 crore as of March 2022, it said in an exchange filing on Saturday.
The Adani group company mentioned that the long term debt was Rs 43,164 crore, while the short term debt and others stood at Rs 2,370 crore as of December, 2022.
Meanwhile, the foreign exchange mark-to-market stood at Rs 2,744 crore. This includes Rs 1,886 crore of foreign exchange loss, according to the filing.
This is mainly due to rupee weakening from 75.7925, as on Mar. 31, 2022, to 82.7250, as on Dec. 31, it added.
Adani Ports' profit in the third quarter fell, and missed analysts' estimates due to foreign exchange losses.
Its consolidated net profit declined 16% to Rs 1,315.5 crore in the quarter ended December, according to its exchange filing dated Feb.7. That compares with the Rs 1,501.6 crore consensus estimate of analysts tracked by Bloomberg.
Adani Ports Q3 FY23 Highlights (YoY):
Revenue rose 18% to Rs 4,786.2 crore, compared with the forecast of Rs 4,811.7 crore.
Ebitda grew 4% to Rs 2,707.5 crore, against the estimated Rs 2,927.8 crore.
Ebitda margin stood at 56.6%, compared with 63.6% a year earlier and an estimate of 60.8%.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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