India: Adani Ports' Cargo Volumes Up 15% in FY19

Adani Ports & Special Economic Zone Ltd (APSEZ) has recorded 15% spike in cargo volumes in FY19. The company said ports across western and southern regions reported strong growth.

Mundra port, the flagship operations of APSEZ, witnessed 13% rise in volumes growth. On the contrary, Hazira and Dahej grew by 16% and 30% respectively. APSEZ owned southern port of Katupalli registered 18% growth. In south, the Ennore port in Chennai commenced operations in October 2018 and handled 57,000 boxes in FY19.

Cargo volume across the four terminals located in major ports namely Tuna, Goa, Vizag and Ennore grew exponentially. Terminals at these ports together handled 12 million tonnes, a growth of over 127% over FY18. All segments of cargo registered significant growth. While coal grew by 17%, container grew by 13 per cent. Crude grew by 31% and bulk cargo other than coal registered a growth of 9%. During the year, four new services were added various ports.

On the financial side, Port Revenue grew by 22% to Rs 2,383 Cr in Q4 of FY19 from Rs 1,947 crore in Q4 of FY18 on the back of strong cargo volume growth. SEZ port led development income earned in Q4 of FY19 was Rs 361 crore compared to Rs 838 cr earned in Q4 of FY18. This led to reporting of lower consolidated revenue of Rs 3,082 cr in Q4 of FY 19 compared to Rs 3,183 crore in Q4 of FY18.

In Q4 of FY19, Port EBITDA (earnings before interest, taxes, depreciation and amortisation) increased by Rs 121 crore to Rs 1,492 crore, translating into a year on year growth of 9%. Consolidated EBITDA in Q4 of FY19 was flat at Rs 1,932 cr. Growth is impacted on account of lower SEZ port led development EBITDA. (Rs.335 cr in of compared to Rs 471 crore in Q4FY18).

Profit after tax (PAT) or net profit raked in by APSEZ soared 39% to Rs 1300 crore in Q4 of FY19. For the whole of last financial year, the company, PAT rose nine per cent to Rs 4006 crore.