Bulk cargo too registers double digit growth
Adani Ports and Special Economic Zone Ltd (APSEZ) in its financial results for the half year ended September 30, 2017 reported increased consolidated revenue and container volumes.
The highlights are:
H1 FY18 Financial Highlights: –
- Consolidated Revenue from operations increased by 36% to Rs 5,451 crore in H1FY18 from Rs 3,999 crore in H1FY17.
- Consolidated Operating EBITDA increased by 25% to Rs 3,383 crore in H1FY18 from Rs 2,711 crore in H1FY17.
- Consolidated PBT increased by 21% to Rs 2,470 crore in H1FY18 from Rs 2,037 crore in H1FY17.
- Consolidated Profit after Tax was Rs1,751 crore.
The Profit after Tax is lower due to higher tax incidence to Rs 710 crore in H1FY18 from Rs143 crore in H1FY17. This is because Mundra Port has come out of tax holiday period. However, from cash flow angle there is no incremental impact as company has MAT credit entitlement of Rs 2,700 crore.
Operational Highlights:
- In H1FY18, APSEZ handled cargo of 87 MMT.
- Container volumes grew by 19 %.
- Other bulk cargo (excluding coal) grew by 12%; of these, while agri products grew by 79%, chemicals grew by 26% and minerals grew by 20%.
The larger ports viz., Mundra, Hazira and Kattupalli continue to register growth in overall cargo volumes. Mundra, the largest port of APSEZ, grew by 4%, Hazira grew by 10% and Kattupalli grew by 28%.
Q2 FY18 Financial Highlights:
- Consolidated Income from operations increased by 25% to Rs 2,706 crore in Q2FY18 from Rs 2,173 crore in Q2FY17.
- Consolidated operating EBITDA increased by 16% to Rs 1,785 crore in Q2FY18 from Rs1,541 crore in Q2FY17.
- Consolidated PBT increased by 19% to Rs1,378 crore in Q2FY18 from Rs1,158 crore in Q2FY17.
- Consolidated Profit after Tax was Rs 992 crore.
The Profit after Tax is lower due to higher tax incidence to Rs 381 crore in Q2FY18 from Rs 82 crore in Q2FY17.
APSEZ in H1FY18 generated free cash flows of Rs 690 crore and reduced net debt by Rs 737 crore. Net debt as of September 30, 2017 was Rs 17,864 crore. Net Debt to EBITDA now stands at 2.64x compared to 3.27x as of FY17.[/vc_column_text]
