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Adani Ports Q3 Results 2022

02 February 2022
3 minutes

Adani Ports and Special Economic Zone (SEZ) posted its quarterly earnings report on February 1, 2022. The posted a 52.3% quarter on quarter (QoQ) jump in its consolidated profit after tax (PAT) to Rs 1,472 crore from Rs 970 crore in the previous quarter. On a year on year (YoY) basis, the company saw a 6.2% dip in the PAT from Rs 1,576 crore in the year ago period.

Adani Ports SEZ’s revenue from operations grew by 4.8% QoQ to Rs 3,797 crore from Rs 3,620 crore in Q2 FY22 while the revenue from operations jumped by a marginal 1.3% YoY from Rs 3,746 crore in Q3 FY21. The company’s other income saw a 13% QoQ increase to Rs 625 crore from Rs 553 crore while there was an 18% YoY jump in the other income from Rs 528 crore.

The company’s total expenses saw a significant jump of 21% YoY to Rs 2,738 crore from Rs 2,258 crore in Q3 FY21. The stock of Adani Ports SEZ closed in the green at Rs 738.75 per share after climbing 3.13% at the end of the intraday trading session ahead of its quarterly results on February 1, 2022. 

Hits – Adani Ports Q3 Results 2022

  • Operating revenue up 1% YoY to 3,797 crore from Rs 3,746 crore in Q3 FY21
  • EPS up at Rs 6.97 from Rs 4.52 in Q2 FY22
  • PAT up 52.3% QoQ to Rs 1,478 crore from Rs 970 crore in the previous quarter

Misses

  • PAT down 6.2% YoY to Rs 1,478 crore from Rs 1,576 crore in the year ago period.
  • EPS down to Rs 6.97 from Rs 7.69 in Q3 FY21
  • Cargo volume down 11% YoY to 68 MMT from 76 MMT in Q3 FY21
  • Container volume remains unchanged YoY at 2.1 million TEUs
  • Cargo market share down 90 base points YoY to 27% from 27.9%
  • Container market share down 106 base points YoY to 41.4% from 42.5%

Segment-wise revenue 

Ports & SEZ Activities: Revenue down 3.5% YoY to Rs 3,350 crore from Rs 3,475 crore in Q3 FY21

Others: Revenue up 46% YoY to Rs 477 crore from Rs 326 crore in Q3 FY21

What the management says

Karan Adani, Chief Executive Officer and Whole Time Director of Adani Ports & SEZ said, ““Our learnings in 2020 helped us weather the storm and our operational expertise allowed us to continue our expansion. The addition of two ports in 2021 – Krishnapatnam and Gangavaram in Andhra Pradesh on the east coast of India – to the ones on the west coast continued to tighten our panIndia presence. Our under-construction port of Vizhinjam in Kerala, along with our new terminal in Colombo, Sri Lanka, will act as a new transshipment hub in southeast Asia. Our carbon offsetting, mangrove afforestation and terrestrial plantation, as well as our extensive focus on the use of renewable energies, have meant that APSEZ is well on the road to achieving carbon neutrality by 2025 and becoming the world’s most sustainable ports company.”

Other things to know about Adani Ports

  • The company added two new container services one each at Mundra and Kattupalli with a potential of ~35,000 TEUs p.a.
  • In logistics container rail volume registered a growth of 30% and bulk volume registered a growth of 63%
  • Adani Ports SEZ is the largest ports company in the country with a market capitalization of Rs 1.46 lakh crore (as of February 1, 202). 
  • Adani Ports’ P/E ratio is at 29.28 against the industry average of 68.49 while its P/B ratio is at 4.54 against the industry average of 5.04 (as of February 1, 2022).
  • Adani Ports SEZ’s dividend yield is at 0.69% against the industry average of 0.67%.

To read the RA disclaimer, please click here.

Research Analyst: Bavadharini KS

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