Lockdown hits Adani Ports, Q1 profits fall by 26%

Adani Ports and Special Economic Zone (APSEZ) has seen a YoY (year-on-year) decline of 26.2% in consolidated profit for the first quarter of the financial year of ’21. According to its BSE filing, the company reported a consolidated profit of Rs 757.8 crore. Impacted by the lockdown, the consolidated revenue from operations also fell by 18% to Rs 2,292.7 crore.

“Due to all India lockdown imposed from last week of March, cargo throughput witnessed a decline of 27 percent, resulting in 18 percent decline in consolidated revenue. However, there has been a steady increase in cargo throughput across ports from July,” the company said in its BSE filing.

In the month of July, APSEZ saw a growth of 6% YoY & 31% month-on-month in cargo volumes. They handled around 18.30 million tonnes. “This trend gives us confidence that worst is behind us and going forward cargo volume in FY21 is expected to stabilise,” the management said.

Due to the shift from road to rail, and subsequent increase in services Adani Logistics was able to achieve

a revenue of Rs 200 crore, up 10% YoY.

At an operating level, earnings before interest, tax, depreciation, and amortisation (EBITDA) dropped 24.5% YoY to Rs 1,394.2 crore and margin declined 530 bps to 60.8%.