Ahmedabad, August 11th, 2020: Adani Ports and Special Economic Zone Limited (“APSEZ”),the largest integrated logistics player in India,a part of globally diversified Adani Grouptoday announced its operational and financial performance for thefirst quarter ended 30th June, 2020.
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Lockdown measures to tame the spread of COVID-19 resulted in lower Import and export, impacting cargo throughput in first quarter of FY21.
There has been a steady increase in cargo throughput across Ports from July 2020. During the month of July 2020, APSEZ handled cargo volume of 18.30 MMT, a growth of 6% on year on year basis and 31% over June 2020. Thistrend gives us confidence that worst is behind us and going forward cargo volume in FY21 is expected to stabilize
Financial Performance: -(Rs in cr.)
Particulars |
Q1FY21 |
Q1FY20 |
Cargo (MMT) |
41.41 |
56.75 |
Consolidated Revenue |
2293 |
2794 |
Consolidated EBITDA * |
1438 |
1843 |
Consolidated EBITDA margin |
63% |
66% |
Port Revenue |
1,904 |
2,425 |
Port EBIDTA* |
1,324 |
1,709 |
Port EBIDTA Margin |
70% |
70% |
Forex mark to market - Loss/(Gain) |
(37) |
(3) |
PBT |
943 |
1362 |
PAT |
758 |
1029 |
EPS (in Rs.) |
3.73 |
4.94 |
*EBITDA excluding forex mark to market Gain and one-time Donation of Rs.80 cr.
Due to all India lockdown imposed from last week of March 2020,cargo throughput witnessed a decline of 27% resulting in 18% decline in consolidated revenue.In-spite of decline in cargo throughput, APSEZ was able to maintain Port EBIDTA margin at 70% due to its strategy of diversifying cargo mix, ability to maintain realization and reduce operating costs.
Shift from road to rail and increase in services enabled Adani Logistics to achieve a revenue of Rs.200 cr. in Q1 FY21 vs Rs.181 cr. in Q1 FY20 a growth of 10% on a YoY basis.
Operational performance and other important developments: -
Awards :
Mr. Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, “In first quarter of FY21, we were able to perform operationally at par with pre COVID levels.We kept supply chain running and stood by our customers to proveas a bankable service provider at all timesensuring stronger customer relationships and stickiness in cargo.
During this period,we relooked at fundamentals of port operations andrealignedcosts,thus maintaining Port EBIDTA margin of 70%.
With the worst behind us, we have emerged operationally stronger and resilient to externalities. Our focus continues on further improving efficiencies,reducing costs and closing out value accretive acquisitions namely Krishnapatnam Port and Dighi Port.
We are happy to inform that we have signed up with Science Based Targets initiative (SBTi) and Task Force on climate related financial disclosure (TCFD) for reducing carbon emission with a commitment to become carbon neutral by 2025.
We have diversified our board by inducting Mr. P.S. Jayakumar as an Independent director,with this Independent director constitute 55.5% of the board.
The resilience in the business is a testimony of the team’s commitment to excel.”
About Adani Ports and Special Economic Zone
Adani Ports and Special Economic Zone (APSEZ), a part of globally diversified Adani Group, is the largest integrated logistics player in India. In less than two decades, the company has built a formidable presence in port infrastructure and logistics services. APSEZ’s 11 strategically located ports and terminals — Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai — represent 24% of the country's total port capacity, handling vast amounts of cargo from both coastal areas and the vast hinterland. The company is also developing a transhipment port at Vizhinjam, Kerala and a container Terminal at Myanmar.
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