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APSEZ registers strong operational & financial performance in Q3 FY19


Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest port developer, operator and the logistics arm of the Adani Group, has shown impressive overall performance for Q3 and the nine months ended December 31, 2018, as per a release.


Consolidated financial highlights for Q3FY19: - (YoY)


* Revenue: Revenue grew by 5 per cent to Rs 2,824 crore in Q3FY19 from Rs 2,689 crore in Q3FY18.


* EBITDA (excluding forex loss/gain): EBITDA grew by 3 per cent to Rs 1, 843 crore in Q3FY19 from Rs 1,784 crore in Q3FY18. EBITDA margin was 65 per cent.


* PBT and PAT: PBT in Q3FY19 grew by 27 per cent to Rs 1,821 crore PAT in Q3FY19 grew by 42 per cent to Rs 1,410 crore from Rs 994 crore in Q3FY18.


Consolidated financial highlights for 9MFY19: (YoY)


* Revenue: Revenue was lower by 4 per cent. The same was on account of lower SEZ port led development income (Rs 409 crore in 9MFY19 v/s Rs 1,643 crorein 9MFY18).


* EBITDA (excluding forex loss/gain): In spite of 14 per cent cargo volume growth, EBITDA was lower by 2 per cent on account of forex loss and lower SEZ port-led development EBITDA (forex loss of Rs 585 crore in 9MFY19 v/s gain of Rs 137 crore in 9MFY18 and SEZ EBITDA of Rs 330 crore in 9MFY19 v/s Rs 1,208 crore in 9MFY18). EBITDA margin has improved by 100 BPS to 65 per cent due lower operating expenses.


* PBT and PAT: PBT on a YoY basis for 9M FY19 was lower by 9 per cent due to forex loss (Rs 585 crore loss in 9MFY19 v/s gain of Rs 137 crore for 9MFY18). PAT for 9MFY19 was at Rs 2,706 crore v/s Rs 2,745 crore in 9MFY18.


Operational Highlights - Q3FY19 (YoY)


* Cargo volume grew by 12 per cent.


* Ports across all regions reported strong growth. While, Mundra—the flag ship port of APSEZ grew by 6 per cent, Hazira and Dahej grew by 15 per cent and 20 per cent, respectively. The eastern port of Dhamra registered a growth of 9 per cent.


* Commercial operations at Ennore Port (Chennai) commenced and it handled 24,000 TEUs in the quarter.


* All segments of cargo registered significant growth. While coal grew by 11 per cent, container grew by 9 per cent. Bulk cargo other than coal also registered a growth of 10 per cent.


Operational Highlights - 9MFY19 (YoY)


* Cargo volume grew by 14 per cent.


* Mundra—the flag ship port of APSEZ grew by 10 per cent and handled more than 100 MMT. Hazira grew by 20 per cent and Dahej grew by 30 per cent. Kattupalli in south India registered 18 per cent growth. Cargo volume across our four terminals located in Major Ports, namely, Tuna, Goa, Vizag and Ennore continue to grow exponentially. These ports handled more than 9 MMT of cargo in 9MFY19.


* All types of cargo registered significant growth. While coal grew by 12 per cent, container grew by 13 per cent.


Mr Karan Adani, Chief Executive Officer and Wholetime Director of APSEZ, said, "The results once again proves our capability to be resilient, register incremental growth and gain market share. In fact, all types of cargo, namely, coal, container, crude and other bulk have shown double-digit growth in 9MFY19. We will continue our strategy to diversify cargo mix and continuously add economic hinterland reach.


"The trend registered in Q3FY19 is likely to continue and we are set to exceed our earlier guided cargo volume of 200 MMT in FY19. Sweating of our existing capacities, change in cargo mix, automation and technology upgradation will further improve our EBITDA and free cash flows. We believe sustainable development as a core value for our future business proofing. We will continue to protect our environment, use safe operational practices and adopt best corporate policies."


Source : Exim News Service - Ahmedabad, Feb. 10


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