Adani Ports & Special Economic Zone Ltd

₹ 597 -16.29%
27 Jan - close price
About

Adani Ports & Special Economic Zone is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to Port at Mundra.

Key Points

Business Verticals
The Co.’s business verticals include a comprehensive network of ports & terminals (82% of total revenue), Logistics (8%), SEZ & Ports (6%) and Operations and Maintenance (4%). [1] The integrated service offered by the company has enabled it to forge an alliance with leading business and has evolved to be the market leader of the Indian port Industry. [2]

  • Market Cap 128,949 Cr.
  • Current Price 597
  • High / Low 988 / 537
  • Stock P/E
  • Book Value 134
  • Dividend Yield 0.84 %
  • ROCE 7.16 %
  • ROE 4.06 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 147%
  • Debtor days have improved from 133 to 93.9 days.

Cons

  • Stock is trading at 4.46 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -0.89%
  • The company has delivered a poor sales growth of -2.92% over past five years.
  • Company has a low return on equity of 7.35% over last 3 years.
  • Earnings include an other income of Rs.1,965 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
1,071 1,183 1,185 798 1,082 1,305 1,192 1,211 976 1,079 1,058 1,255 1,221
854 493 1,461 303 -98 203 381 746 332 378 938 1,642 1,399
Operating Profit 217 690 -276 495 1,180 1,103 811 465 645 701 120 -387 -179
OPM % 20% 58% -23% 62% 109% 84% 68% 38% 66% 65% 11% -31% -15%
634 559 1,199 579 598 612 478 519 536 777 75 597 515
Interest 493 450 371 488 564 614 661 533 630 660 671 653 632
Depreciation 131 137 156 154 156 156 153 156 148 154 149 154 155
Profit before tax 228 662 396 432 1,058 944 475 294 402 665 -625 -597 -451
Tax % -113% 31% -26% 34% 34% 34% 32% 36% 31% 27% 4% 36% 34%
Net Profit 486 459 500 287 696 623 323 188 278 483 -602 -384 -298
EPS in Rs 2.39 2.26 2.46 1.41 3.42 3.06 1.59 0.92 1.36 2.37 -2.85 -1.82 -1.41
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
1,885 2,482 3,361 4,350 3,909 4,619 4,879 6,534 5,336 4,643 4,377 4,206 4,611
575 770 886 1,612 1,302 1,312 1,332 2,025 1,550 1,628 1,506 1,503 4,357
Operating Profit 1,310 1,712 2,476 2,738 2,607 3,307 3,547 4,509 3,787 3,016 2,871 2,703 255
OPM % 69% 69% 74% 63% 67% 72% 73% 69% 71% 65% 66% 64% 6%
120 40 198 682 738 1,173 1,285 1,310 2,218 3,030 2,985 1,012 1,965
Interest 145 209 442 754 709 854 998 1,519 1,867 3,460 2,327 2,494 2,616
Depreciation 208 274 342 456 489 519 541 471 474 553 619 600 611
Profit before tax 1,077 1,270 1,889 2,210 2,148 3,106 3,293 3,829 3,664 2,032 2,910 622 -1,008
Tax % 8% 7% 7% 9% -2% 5% 6% 37% 28% 5% 34% 52%
Net Profit 986 1,177 1,754 2,016 2,183 2,964 3,101 2,408 2,638 1,934 1,928 298 -802
EPS in Rs 4.92 5.88 8.76 9.74 10.55 14.31 14.97 11.63 12.74 9.52 9.49 1.41 -3.71
Dividend Payout % 18% 17% 11% 10% 10% 8% 9% 17% 2% 34% 53% 355%
Compounded Sales Growth
10 Years: 5%
5 Years: -3%
3 Years: -8%
TTM: -2%
Compounded Profit Growth
10 Years: -2%
5 Years: -20%
3 Years: -29%
TTM: -122%
Stock Price CAGR
10 Years: 15%
5 Years: 6%
3 Years: 16%
1 Year: -16%
Return on Equity
10 Years: 14%
5 Years: 10%
3 Years: 7%
Last Year: 4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
403 403 403 417 417 414 414 672 680 670 679 704 422
Reserves 3,891 4,818 6,300 8,919 10,786 12,986 16,285 17,703 19,912 19,292 21,228 25,993 27,851
2,710 6,173 8,365 8,957 11,765 15,508 20,207 20,027 24,894 28,802 33,846 44,793 45,225
1,508 1,785 3,189 2,614 2,842 2,221 2,342 2,689 2,204 3,312 3,078 3,462 4,131
Total Liabilities 8,509 13,177 18,255 20,904 25,807 31,129 39,248 40,834 47,424 51,813 58,558 74,671 77,629
5,306 5,805 8,782 8,537 8,462 8,524 8,390 7,957 9,074 10,583 10,282 10,039 9,827
CWIP 1,077 2,447 1,132 661 663 857 1,458 1,627 775 675 590 614 898
Investments 715 1,838 1,327 1,786 4,965 5,313 10,410 10,542 13,957 15,616 21,695 36,372 36,519
1,412 3,087 7,014 9,919 11,717 16,436 18,990 20,708 23,619 24,939 25,991 27,646 30,385
Total Assets 8,509 13,177 18,255 20,904 25,807 31,129 39,248 40,834 47,424 51,813 58,558 74,671 77,629

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1,259 1,287 1,370 1,602 1,990 1,713 2,313 2,411 3,214 3,170 3,042 3,012
-484 -3,819 -2,446 -2,314 -3,556 -2,954 -4,181 -550 -2,403 -31 -7,967 -8,803
-914 2,681 1,417 250 1,917 1,498 1,717 -1,926 2,555 -2,581 3,827 7,308
Net Cash Flow -139 149 341 -462 351 257 -151 -64 3,367 558 -1,098 1,517

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 51 36 78 70 70 123 134 184 131 168 136 94
Inventory Days
Days Payable
Cash Conversion Cycle 51 36 78 70 70 123 134 184 131 168 136 94
Working Capital Days -223 -189 145 245 209 148 393 350 409 175 63 -29
ROCE % 17% 16% 17% 17% 14% 15% 13% 15% 13% 12% 10% 7%

Shareholding Pattern

Numbers in percentages

3 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
62.79 63.57 63.65 63.74 63.74 63.79 63.83 63.83 65.55 66.02 64.56 65.13
17.53 17.05 17.05 17.75 17.90 15.72 15.29 15.27 14.26 14.24 14.03 13.77
16.62 16.60 16.43 15.67 14.83 14.84 15.83 15.88 15.32 15.06 15.00 14.46
0.08 0.08 0.08 0.08 0.07 0.03 0.03 0.03 0.03 0.03 0.03 0.03
2.98 2.69 2.78 2.76 3.46 5.62 5.02 4.99 4.84 4.65 6.39 6.62

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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