Adani Ports

The company posted a good set of numbers for Q3FY14, thanks to a hefty other income. Its consolidated total Income rose 16% (YoY) at Rs.1244 crore and this was on the back of a 21% jump in cargo at 29.14 MMT compared to growth of 1% for at all major ports. In case of containers handled 0.64 million TEUs with 57% growth as compared to a de-growth by 3% for at all major ports. EBITDA rose 8% at Rs.812 crore and net profit was at Rs.450 crore, up 25%.  What also helped boost the bottomline was the large component of other income at Rs.164 crore, which included higher interest income and profit from sale of assets. But for this, net profit would have come in lower as operating profit, before other income, was down 24%.

Its Interest cost has risen 31% at Rs.196 crore for Q3 though, sequentially, it is down 1.5%. At end of 9MFY14, interest outgo was gargantuan at Rs.1210 crore, which is expected to go up to same levels of FY13 of around Rs.1600 crore.  The port at Dahej handled a cargo of 6.38 MMT in 9MFY14, up 15% and the port at Hazira handled a cargo of 0.95 MMT down pretty steeply by 66%. The coal terminal at Visakhapatnam port was completed 8 months ahead of schedule, marking its entry on the east coast of India.  Project execution of ports at Goa is nearing completion and Tuna Tekra at Kandla is as per schedule.