Adani Ports & Special Economic Zone Ltd

₹ 880 0.34%
25 Nov - 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 190,006 Cr.
  • Current Price 880
  • High / Low 988 / 652
  • Stock P/E 35.6
  • Book Value 205
  • Dividend Yield 0.57 %
  • ROCE 11.2 %
  • ROE 14.7 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 20.0%
  • Debtor days have improved from 80.0 to 56.6 days.
  • Company's median sales growth is 18.7% of last 10 years

Cons

  • Stock is trading at 4.28 times its book value
  • Promoter holding has decreased over last quarter: -1.46%
  • Tax rate seems low
  • Company might be capitalizing the interest cost

* 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

Consolidated Figures in Rs. Crores / View Standalone

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
2,821 3,336 2,921 2,293 2,903 3,746 3,608 4,557 3,923 3,797 3,845 5,058 5,211
1,510 1,195 2,286 899 607 1,056 1,303 2,326 1,390 1,379 1,986 2,969 2,320
Operating Profit 1,311 2,142 635 1,394 2,296 2,691 2,304 2,231 2,533 2,418 1,859 2,089 2,891
OPM % 46% 64% 22% 61% 79% 72% 64% 49% 65% 64% 48% 41% 55%
506 494 439 457 521 528 465 421 164 681 635 486 441
Interest 520 467 368 453 557 612 633 530 649 667 649 629 577
Depreciation 410 430 450 455 462 594 597 609 783 693 675 840 854
Profit before tax 886 1,739 257 943 1,798 2,012 1,539 1,513 1,265 1,739 1,170 1,105 1,900
Tax % -20% 22% -33% 20% 22% 22% 14% 11% 17% 15% 12% -7% 9%
Net Profit 1,059 1,356 340 758 1,394 1,577 1,321 1,342 1,050 1,479 1,033 1,177 1,738
EPS in Rs 5.19 6.66 1.65 3.73 6.83 7.69 6.34 6.40 4.87 7.21 4.85 5.48 7.94
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
2,000 2,697 3,577 4,830 6,152 7,109 8,439 11,323 10,925 11,873 12,550 15,934 17,911
701 952 1,195 1,910 2,250 2,532 3,021 4,166 4,330 5,926 3,862 7,052 8,654
Operating Profit 1,299 1,746 2,382 2,919 3,902 4,577 5,418 7,157 6,596 5,947 8,688 8,882 9,257
OPM % 65% 65% 67% 60% 63% 64% 64% 63% 60% 50% 69% 56% 52%
110 34 344 685 686 730 1,037 844 1,289 1,928 1,967 1,939 2,243
Interest 167 281 542 977 1,175 1,124 1,116 1,579 1,385 1,951 2,255 2,541 2,521
Depreciation 239 316 422 649 912 1,063 1,160 1,188 1,373 1,680 2,107 2,740 3,063
Profit before tax 1,004 1,182 1,762 1,978 2,501 3,119 4,179 5,234 5,126 4,244 6,292 5,541 5,916
Tax % 9% 8% 7% 12% 7% 9% 7% 30% 21% 11% 20% 13%
Net Profit 916 1,093 1,639 1,741 2,324 2,856 3,902 3,690 4,045 3,785 5,049 4,795 5,427
EPS in Rs 4.58 5.50 8.10 8.40 11.18 13.99 18.89 17.74 19.27 18.52 24.58 22.38 25.48
Dividend Payout % 20% 18% 12% 12% 10% 8% 7% 11% 1% 17% 20% 22%
Compounded Sales Growth
10 Years: 19%
5 Years: 14%
3 Years: 13%
TTM: 13%
Compounded Profit Growth
10 Years: 16%
5 Years: 6%
3 Years: 8%
TTM: -3%
Stock Price CAGR
10 Years: 22%
5 Years: 17%
3 Years: 33%
1 Year: 23%
Return on Equity
10 Years: 19%
5 Years: 17%
3 Years: 16%
Last Year: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 3,786 4,412 5,993 8,351 10,351 12,925 16,946 20,489 23,958 25,051 30,035 37,661 42,971
3,592 17,565 11,617 12,976 17,773 22,342 22,214 22,112 27,446 29,979 35,583 47,619 45,299
1,739 3,536 3,025 2,936 3,544 2,704 3,795 4,217 4,493 6,481 8,557 8,181 11,156
Total Liabilities 9,519 25,914 21,035 24,677 32,082 38,385 43,369 47,233 56,311 61,917 74,582 93,883 99,849
6,391 18,428 11,382 13,163 20,527 20,883 21,054 22,670 28,121 32,715 48,291 56,811 65,473
CWIP 1,717 3,638 2,951 2,025 1,276 1,967 4,514 4,545 4,483 3,216 3,697 3,986 5,790
Investments 67 70 222 63 260 545 1,161 1,079 782 1,178 2,236 5,961 3,397
1,344 3,778 6,480 9,426 10,020 14,990 16,641 18,938 22,924 24,808 20,358 27,125 25,189
Total Assets 9,519 25,914 21,035 24,677 32,082 38,385 43,369 47,233 56,311 61,917 74,582 93,883 99,849

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1,209 1,200 1,379 1,132 3,057 2,381 4,063 5,608 6,029 7,402 7,556 9,800
-970 -13,876 -5,136 -2,510 -2,485 -4,153 -2,629 -3,846 -4,368 -749 -14,064 -7,423
-528 12,976 4,138 772 -237 2,170 -1,325 -1,889 2,313 -4,256 3,514 2,042
Net Cash Flow -289 300 381 -606 335 398 109 -127 3,975 2,397 -2,994 4,419

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 41 73 70 76 125 116 139 93 98 85 57
Inventory Days
Days Payable
Cash Conversion Cycle 51 41 73 70 76 125 116 139 93 98 85 57
Working Capital Days -228 -186 147 199 106 71 248 244 145 60 23 35
ROCE % 16% 10% 11% 14% 15% 13% 14% 17% 14% 12% 14% 11%

Shareholding Pattern

Numbers in percentages

8 recently
Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
62.46 62.79 63.57 63.65 63.74 63.74 63.79 63.83 63.83 65.55 66.02 64.56
18.72 17.53 17.05 17.05 17.75 17.90 15.72 15.29 15.27 14.26 14.24 14.03
15.76 16.62 16.60 16.43 15.67 14.83 14.84 15.83 15.88 15.32 15.06 15.00
0.08 0.08 0.08 0.08 0.08 0.07 0.03 0.03 0.03 0.03 0.03 0.03
2.98 2.98 2.69 2.78 2.76 3.46 5.62 5.02 4.99 4.84 4.65 6.39

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