Adani Ports

If Adani Power tanked over 4.5% yesterday after the numbers, Adani Ports rose almost 5% after its Q3FY13 numbers.  The company posted a 52% (YoY) jump in consolidated net sales at Rs.1340 crore and despite a 49% rise in total operating costs, over 3 times rise in interest outgo, forex loss of Rs.57 crore, the company ended the quarter with a net profit at Rs.361 crore, up 12% on YoY and 31% sequentially.  Revenue from the ports rose 47% and its EBIT, YoY was marginally up from 56% to 57%. Its other income rose 72% and its EBIT was down 7% from 11%. wth of 32%, at its various ports. This includes 21.38 million tonnes cargo at APSEZ's main project, the Mundra Port.

The consolidated cargo handled by the company at Adani ports stood at 21.38 million tonnes (MT), up 21% on YoY. It continues to be the second largest commercial port of India both in total cargo as well as in the containers. The existing cargo handling capacity of the company stands at 150 MTPA, which the company plans to augment to 200 MTPA by 2020 vis-à-vis its present handling capacity of 78 MT. The company, in order to focus on ports and logistics sector, plans to divest its significant stake in entities controlling the Abbot Point Coal Terminal in Queensland, Australia, to the Adani family. The company currently has consolidated debt of around Rs.18,200 crore and this transfer of Abbot Point is expected to reduce debt by Rs,11,000 crore. The asset transfer process is expected to be completed by June 2013 at which time it also plans to raise money via IPP.