Adani Ports & Special Economic Zone Ltd

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 [1]
A comprehensive network of ports & terminals (92.1% of total revenue), Logistics (7.6% of the revenue) SEZ & Industrial Land (0.3% of the revenue)[2] 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

See full details
  • Market Cap 165,954 Cr.
  • Current Price 813
  • High / Low 901 / 341
  • Stock P/E 29.9
  • Book Value 151
  • Dividend Yield 0.62 %
  • ROCE 14.1 %
  • ROE 17.7 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter
  • Company's median sales growth is 18.72% of last 10 years

Cons

  • Stock is trading at 5.40 times its book value
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 12.89% of profits over last 3 years
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
2,608 2,824 3,082 2,794 2,821 3,336 2,921 2,293 2,903 3,746 3,608 4,557
1,475 612 1,041 948 1,510 1,195 2,286 899 607 1,056 1,303 2,326
Operating Profit 1,133 2,211 2,041 1,846 1,311 2,142 635 1,394 2,296 2,691 2,304 2,231
OPM % 43% 78% 66% 66% 46% 64% 22% 61% 79% 72% 64% 49%
Other Income 314 345 341 364 506 494 439 457 521 528 465 421
Interest 296 393 443 458 520 467 368 453 557 612 633 530
Depreciation 352 343 356 391 410 430 450 455 462 594 597 609
Profit before tax 800 1,821 1,583 1,362 886 1,739 257 943 1,798 2,012 1,539 1,513
Tax % 23% 22% 17% 24% -20% 22% -33% 20% 22% 22% 14% 11%
Net Profit 606 1,409 1,285 1,022 1,054 1,352 334 758 1,387 1,561 1,288 1,307
EPS in Rs 2.92 6.80 6.21 4.94 5.19 6.66 1.65 3.73 6.83 7.69 6.34 6.40

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,496 2,000 2,697 3,577 4,830 6,152 7,109 8,439 11,323 10,925 11,873 12,550 14,814
570 701 952 1,195 1,910 2,250 2,532 3,021 4,166 4,330 5,926 4,577 5,292
Operating Profit 925 1,299 1,746 2,382 2,919 3,902 4,577 5,418 7,157 6,596 5,947 7,973 9,522
OPM % 62% 65% 65% 67% 60% 63% 64% 64% 63% 60% 50% 64% 64%
Other Income 213 110 34 344 685 686 730 1,037 844 1,289 1,928 2,682 1,934
Interest 218 167 281 542 977 1,175 1,124 1,116 1,579 1,385 1,951 2,255 2,333
Depreciation 187 239 316 422 649 912 1,063 1,160 1,188 1,373 1,680 2,107 2,261
Profit before tax 734 1,004 1,182 1,762 1,978 2,501 3,119 4,179 5,234 5,126 4,244 6,292 6,862
Tax % 8% 9% 8% 7% 12% 7% 9% 7% 30% 21% 11% 20%
Net Profit 676 918 1,102 1,623 1,740 2,314 2,897 3,912 3,674 3,990 3,763 4,994 5,543
EPS in Rs 3.37 4.58 5.50 8.10 8.40 11.18 13.99 18.89 17.74 19.27 18.52 24.58 27.26
Dividend Payout % 24% 20% 18% 12% 12% 10% 8% 7% 11% 1% 17% 20%
Compounded Sales Growth
10 Years:20%
5 Years:12%
3 Years:3%
TTM:30%
Compounded Profit Growth
10 Years:18%
5 Years:12%
3 Years:10%
TTM:58%
Stock Price CAGR
10 Years:18%
5 Years:25%
3 Years:37%
1 Year:132%
Return on Equity
10 Years:20%
5 Years:19%
3 Years:17%
Last Year:18%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
403 403 403 403 417 417 414 414 672 680 670 679
Reserves 3,050 3,786 4,412 5,993 8,351 10,351 12,925 16,946 20,489 23,958 25,051 30,055
Borrowings 3,767 3,592 17,565 11,617 12,976 17,773 22,342 22,214 22,112 27,446 29,979 34,835
1,494 1,739 3,536 3,025 2,936 3,544 2,704 3,795 4,217 4,493 6,481 9,145
Total Liabilities 8,712 9,519 25,914 21,035 24,677 32,082 38,385 43,369 47,233 56,311 61,917 74,442
4,853 6,391 18,428 11,382 13,163 20,527 20,883 21,054 22,670 28,121 32,715 48,137
CWIP 1,918 1,717 3,638 2,951 2,025 1,276 1,967 4,514 4,545 4,483 3,216 3,697
Investments 222 67 70 222 63 260 545 1,161 1,079 782 1,178 2,236
1,719 1,344 3,778 6,480 9,426 10,020 14,990 16,641 18,938 22,924 24,808 20,372
Total Assets 8,712 9,519 25,914 21,035 24,677 32,082 38,385 43,369 47,233 56,311 61,917 74,442

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1,049 1,209 1,200 1,379 1,132 3,057 2,381 4,063 5,608 6,029 7,402 7,556
-1,802 -970 -13,876 -5,136 -2,510 -2,485 -4,153 -2,629 -3,846 -4,368 -749 -14,064
692 -528 12,976 4,138 772 -237 2,170 -1,325 -1,889 2,313 -4,256 3,514
Net Cash Flow -61 -289 300 381 -606 335 398 109 -127 3,975 2,397 -2,994

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 43 51 41 73 70 76 125 116 139 93 98 85
Inventory Days
Days Payable
Cash Conversion Cycle 43 51 41 73 70 76 125 116 139 93 98 85
Working Capital Days -100 -15 -35 244 296 262 219 289 270 182 114 52
ROCE % 14% 16% 10% 11% 14% 15% 13% 14% 17% 14% 12% 14%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
62.30 62.30 62.30 62.30 62.46 62.46 62.79 63.57 63.65 63.74 63.74 63.79
22.31 21.89 21.82 21.45 20.93 18.72 17.53 17.05 17.05 17.75 17.90 15.72
11.91 12.52 12.54 12.66 13.72 15.76 16.62 16.60 16.43 15.67 14.83 14.84
0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.07 0.03
3.40 3.21 3.26 3.50 2.81 2.98 2.98 2.69 2.78 2.76 3.46 5.62

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