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ICICI Direct Report
Adani Ports and Special Economic Zone Ltd. is the largest commercial port operator in India with 25% share of port cargo movement in India. The company has evolved from a single port dealing in a single commodity to an integrated logistics platform.
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In Q2 FY23 higher realisation versus estimates, lifted operational performance.
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Revenues grew 33% YoY to Rs 5211 crore (15% volume growth supported by 18% realisation growth).
Adani Ports' absolute Ebitda grew 31% to Rs 3260 crore (margins remained range bound at 62-63% levels – higher realisation negated by change in product mix).
Profit after tax grew 69% to Rs 1678 crore due to exceptional loss in base quarter.
For H2, volume boost expected from-
five new services at Mundra and Hazira (~2 lakh twenty-foot equivalent units ),
four bulk contract wins at Gangavaram and Dhamra (~10 metric million tonne potential),
0.6 million TeUs container terminal commissioning to provide volume boost,
scheduled commissioning of 5 metric million tonne liquefied natural gas terminal in Dhamra by FY23 end.
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