Adani Ports Q2 Results Review

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Adani Ports and Special Economic Zone Ltd.’s Q2 FY23 profit after tax at Rs 16.8 billion was above estimate of Rs 10.3 billion largely due to lower forex mark to market loss (due to change in accounting policy).

Recurring Ebitda (excluding forex MTM) at Rs 32.6 billion (up 31% YoY) was also above estimate of Rs 31.6 billion led by improved realisations/margins in the ports business and special economic zone revenue/Ebitda of Rs 1.94 billion/Rs 660 million.

Operating cash flow improved to Rs 60 billion in H1 FY23 versus Rs 53 billion in H1 FY22.

Adani Ports maintained its cargo guidance of 350-360 million tonne and capex guidance of Rs 86 billion in FY23 (we estimate 356 mt; 17% YoY growth in H2 to 179 mt.

We see Adani Ports evolving as a formidable combination of ports, logistics and warehousing infra in India.

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