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Another Quarter of Strong Operational & Financial Performance for Mundra Port

In Business
February 14, 2019

Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer, operator and the logistics arm of Adani Group, today announced its financial results for Q3 and nine months ended 31st December, 2018.

Financial Highlights:
Parameters (Rs in cr) Q3 FY19 Q3 FY18 9MFY19 9MFY18
Consolidated Revenue 2824 2689 7843 8140
Consolidated EBITDA * 1843 1784 5135 5214
Consolidated EBITDA margin 65% 66% 65% 64%
Forex mark to market (Loss)/gain 368 183 (585) 137
PBT 1821 1439 3543 3909
PAT 1410 994 2706 2745
* Consolidated EBITDA excludes forex loss /gain.

Consolidated financial highlights for Q3FY19: – (Y o Y)
Revenue grew by 5% to Rs.2824 Cr in Q3FY19 from Rs.2689 Cr in Q3FY18.
EBITDA (excluding forex loss/gain) : –
EBITDA grew by 3% to Rs.1843 Cr in Q3FY19 from Rs.1784 Cr in Q3FY18.
EBITDA margin was 65%
PBT and PAT:
PBT in Q3FY19 grew by 27% to Rs.1821 Cr.
PAT in Q3FY19 grew by 42% to Rs. 1410 Cr from Rs. 994 Cr in Q3FY18.
Consolidated financial highlights for 9MFY19: – ( Y o Y)

Revenue: –
Revenue was lower by 4%. The same was on account of lower SEZ port led development income. (Rs. 409 Cr in 9MFY19 v/s Rs. 1643 Cr in 9MFY18)
EBITDA (excluding forex loss/gain) : –
In spite of 14% cargo volume growth, EBITDA was lower by 2% on account of forex loss and lower SEZ port led development EBITDA. (Forex loss of Rs.585 Cr in 9MFY19 v/s gain of Rs.137 Cr in 9MFY18 and SEZ EBITDA of Rs. 330 Cr in
9MFY19 v/s Rs. 1208 Cr in 9MFY18)
EBITDA margin has improved by 100 BPS to 65% due lower operating expenses.
PBT and PAT: –
PBT on a year on year basis for 9M FY19 was lower by 9% due to forex loss (Rs.
585 cr loss in 9MFY19 v/s gain of Rs.137 cr for 9MFY18).
PAT for 9MFY19 was at Rs. 2706 cr v/s Rs. 2745 cr in 9MFY18.

Operational Highlights – Q3FY19 (Y o Y)
Cargo volume grew by 12 %.

Ports across all regions reported strong growth. While, Mundra – the flag ship port of APSEZ grew by 6%, Hazira and Dahej grew by 15% and 20 % respectively. The Eastern port of Dhamra registered a growth of 9%.
Commercial operations at Ennore port (Chennai) commenced and it handled 24,000 TEU’s in the quarter.
All segments of cargo registered significant growth. While Coal grew by 11%, container grew by 9%. Bulk cargo other than coal also registered a growth of 10%
Operational Highlights – 9MFY19 (Y o Y)
Cargo volume grew by 14 %.
Mundra – the flag ship port of APSEZ grew by 10% and handled more than 100 MMT. Hazira grew by 20% and Dahej grew by 30%. Kattupalli in south India registered 18% 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%, container grew by 13%.

Karan Adani, Chief Executive Officer and Whole Time 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”.