Adani Ports and Special Economic Zone Ltd (APSEZ) net profit fell 13 % to Rs 1,337 crore in the quarter ended December 2022 impacted by a higher forex mark-to-market loss. The net profit was Rs 1,535 crore in the third quarter of 2021-22.
Revenue of the company increased 18% to Rs 4,786 crore in the third quarter ended 2022 compared to Rs 4,072 crore in the same quarter previous year.
"With the highest ever revenue and EBITDA over a nine-month period, ASPEZ is well placed to achieve the upper end of its full-year revenue and EBITDA guidance provided for FY23," said Karan Adani, CEO and whole-time director of Adani Ports and Special Economic Zone.
“Continuing with our growth journey, APSEZ is targeting FY24 EBITDA of Rs 14,500-15,000 crore. Besides an estimated capital expenditure of Rs 4,000-4,500 crore, we are considering total loan repayment and prepayment of around Rs 5,000 crore, which will significantly improve our net debt to EBITDA ratio and bring it closer to 2.5x by March 24," added Adani.
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The company concluded the transactions of Haifa Port Company, IOTL, ICD Tumb, Ocean Sparkle, and Gangavaram Port, and is progressing well on transitioning its business model to a transport utility, he added.
APSEZ handled 252.9 MMT of cargo registering 8% Y-o-Y growth in 9M of 2022-23.
During the first nine months (9M) of FY23, APSEZ handled around 24% of the country's total cargo and retained its leadership position of being India’s largest port operator. Port EBITDA grew 20% Y-o-Y to Rs 9562 crore, on the back of strong improvement in realizations and cargo volume growth.
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"With port EBITDA margin at around 70%, APSEZ continues to be one of the most profitable port companies globally. Given the company's increased focus on providing supply chain solutions to our customers at their doorstep our logistics business segment is experiencing phenomenal growth. EBITDA of logistics business segment jumped 66% Y-o-Y to Rs 354 crore, supported by margin expansion of 400bps with improved utilization of assets and increased share of the GPWIS revenue stream. APSEZ's net debt to EBITDA ratio is well within our guided range of 3-3.5x, while our gearing ratio is below one. The performance across various debt covenants has been better than the desired levels," said Adani.