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Centrum Broking Report
Adani Ports and Special Economic Zone Ltd.'s Q3 FY22 profit after tax at Rs 14.7 billion was ahead of estimate of Rs 10.8 billion due to -
consolidation of Sarguja rail,
higher SEZ development income,
higher port margins,
higher other income and
lower tax provision.
Port revenue/Ebitda (including Sarguja rail) declined 4%/4.5% YoY to Rs 31.6 billion/Rs 22.5 billion.
Adani Ports lowered its revenue/Ebitda guidance from Rs 180 billion/Rs 115 billion to Rs 170 billion/ Rs 106 billion due to continued weakness in coal cargo.
Adani Ports expects volume growth to strengthen led by containers, metals, liquid and gas cargo as also by improved coal offtake by captive power plants. Margins and cash flows remain intact driven by inherent strengths of its core assets.
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