Cargo Breaking News
Adani Ports and Special Economic Zone Limited (APSEZ) has announced its operational and financial performance for the third quarter and nine months ended December 31, 2020. APSEZ acquired Krishnapatnam Port in October, 2020, which is now consolidated, hence the financial numbers of Q3 FY21 are not comparable to Q3 FY20. In Q3 FY21, Krishnapatnam Port handled a cargo volume of 10 MMT. Revenue and EBIDTA in Q3 FY21 was Rs.473 crore. and Rs.336 crore. with an EBIDTA margin of 71%. The total operating revenue grew by 12% from Rs 3,336 crore. in Q3 FY20 to Rs 3,746 crore. in Q3 FY21. Port revenue has increased by 35% and revenue from logistics business increased by 8%.
Increased cargo volume and balanced cargo mix enabled Port EBITDA to grow by 38% from Rs 1,705 crore. in Q3 FY20 to Rs 2,351 cr. in Q3 FY21. Port EBITDA margin for Q3 FY21 increased by 140 bps to 71.7 per cent. Logistics business has reported an EBIDTA of Rs 67 crore in Q3 FY21 compared to Rs 58 crore in Q3 FY20 an increase of 16 per cent.
Operational Highlights: –
Q3 FY21 (Y o Y)
• Ports across all three regions registered strong growth western ports grew by 25% and eastern ports grew by 10%.
• Mundra port registered a growth of 25% during the quarter led by container and liquid cargo including crude. While container grew by 38%, liquid cargo including crude grew by 22%.
• Mundra port continues to be the largest container handling port in India for the third consecutive quarters and has handled 1.59 Mn TEUs during the quarter.
• Mundra port handled 213,000 MT of LPG and 567,000 MT of LNG, which is a growth of 50% and 10% respectively over Q2 FY21.
• Other western ports of Dahej and Hazira grew by 29% and 14% respectively while Dhamra port on the east coast registered a growth of 10%.
• Five new container services were added, two at Mundra, two services at Hazira, and one at Kattupalli. The incremental container volume on account of these additional services will be approximately 340,000 TEUs on an annual basis.
• Our logistics operations remain resilient. In Q3 FY21 it handled rail volume of 81,061 TEUs vs 89,433 TEUs in Q3 FY20.
Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said,
“The strong and lasting recovery at APSEZ has been the cornerstone of our journey in the recent past. It’s a proven certitude that our business now operates closer to a pure-play utility. Our portfolio of assets, increasing market share in India, and pre-eminence of our network with leadership positions have an unparalleled value proposition.
Our team at APSEZ continues to innovate and establish operational excellence as the key differentiator, thus improving margins. For instance, at KPCL, which was acquired in October, we have improved the EBIDTA margin from 55% to 71%.
APSEZ is well on course to achieve 500 MMT of cargo throughput by FY25. APSEZ will be investing in the logistics and warehousing business with increased investment in Tracks, Rakes as well as land for developing multimodal logistics parks and warehousing facility.
Our businesses and future investments are aligned to sustainable growth with a focus on preserving the environment. We continuously recognize and sponsor more sustainable options in an effort to manage and reduce the effect on the environment. Our environmental footprint strategy seeks to address greenhouse gas emissions and waste throughout the entire operation as we strive to continually strengthen our environmental practices and become carbon neutral by 2025.”
