Adani Ports and Special Economic Zone Limited (APSEZ) on Thursday reported a 76.87 per cent jump in consolidated net profit to Rs 2,015 crore for the fourth quarter ended (Q4) March 2024. The country's largest integrated logistics player had clocked a profit of Rs 1,139 crore in the corresponding period of the previous fiscal, the company said in a BSE filing.
Its consolidated total income increased to Rs 7,199.94 crore for the fourth quarter of the FY24 against Rs 6,178.35 crore in the year-ago period. The total expense also rose to Rs 4,450.52 crore in the quarter under review from Rs 3,995 crore a year ago.
APSEZ's revenue grew 28 per cent YoY to Rs 26,711 crore in FY24, supported by 30 per cent jump in ports business revenue and 19 per cent in logistics business. EBITDA (excluding forex) jumps 24 per cent YoY to Rs 15,864 crore, with Rs 15,246 crore contributed by ports business and Rs 540 crore by logistics business.
For FY24, the APSEZ Board has recommended a dividend of Rs 6 per share. This implies a payout of around Rs 1,300 crore for the company.
“FY24 has been a year of many new milestones for APSEZ on both operational and financial metrics. APSEZ outperformed its upper end of guidance provided at the beginning of the financial year on cargo, revenue, and EBITDA by 6-8 per cent, while closing the year with net debt to EBITDA ratio of 2.3x vs its guidance of 2.5x. Clearly, the company’s business model of end-to-end service, strategic partnership with key customers, leveraging the network effect through its string of ports, and focus on operational efficiencies is yielding results, said Ashwani Gupta, Whole-Time Director and CEO, APSEZ.
With incremental cargo volumes of 100 MMT achieved in less than two years, APSEZ is well poised to achieve 500 MMT of cargo volumes in 2025, aided by recently acquired Gopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and WCT next year. We continue to invest heavily in the business to drive growth, particularly in the logistics segment. Our newly launched trucking segment enables APSEZ to provide the last-mile connectivity solution to its customers. Our efforts towards sustainable business growth are well recognised in the top decile ESG rating from four global rating agencies.” added Gupta.
Financials At A Glance
|
Particulars (Rs Cr) |
Q4 FY24 |
Q4 FY23 |
Y-o-Y Change |
FY24 |
FY23 |
Y-o-Y Change |
|
Cargo (MMT) |
108.7 |
86.3 |
26% |
419.9 |
339.2 |
24% |
|
Revenue |
6,897 |
5,797 |
19% |
26,711 |
20,852 |
28% |
|
EBITDA# |
4,029 |
3,271 |
23% |
15,751 |
10,947 |
44% |
|
PAT** |
2,015 |
1,139 |
77% |
8,104 |
5,391 |
50% |
# EBITDA includes the impact of forex MTM gain or loss. In Q4 FY24, forex loss is Rs 15 Cr and in Q4 FY23, forex loss is Rs 1 Cr. In FY24, forex loss is Rs 113 Cr and in FY23, forex loss is Rs 1,886 Cr. **Based on estimated future profits, APSEZ has elected to switch to the new tax regime (u/s 115 BAA of the IT Act) for one of its subsidiaries, AKPL, in Q2 FY24. Consequently, the past years MAT was written-off, which has reduced the FY24 PAT by Rs 455 crore.