Adani Ports & Special Economic Zone Ltd

About [ edit ]

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.

  • Market Cap 140,780 Cr.
  • Current Price 693
  • High / Low 711 / 203
  • Stock P/E 34.8
  • Book Value 137
  • Dividend Yield 0.46 %
  • ROCE 11.4 %
  • ROE 15.2 %
  • Face Value 2.00

Pros

  • Company's median sales growth is 27.38% of last 10 years

Cons

  • Stock is trading at 5.07 times its book value
  • Company might be capitalizing the interest cost
  • Promoters have pledged 38.15% of their holding.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
3,183 2,411 2,608 2,824 3,082 2,794 2,821 3,336 2,921 2,293 2,903 3,746
1,471 1,205 1,475 612 1,041 948 1,510 1,195 2,286 899 607 1,056
Operating Profit 1,712 1,206 1,133 2,211 2,041 1,846 1,311 2,142 635 1,394 2,296 2,691
OPM % 54% 50% 43% 78% 66% 66% 46% 64% 22% 61% 79% 72%
Other Income 304 293 314 345 341 364 506 494 439 457 521 528
Interest 392 254 296 393 443 458 520 467 368 453 557 612
Depreciation 299 322 352 343 356 391 410 430 450 455 462 594
Profit before tax 1,325 922 800 1,821 1,583 1,362 886 1,739 257 943 1,798 2,012
Tax % 30% 24% 23% 22% 17% 24% -20% 22% -33% 20% 22% 22%
Net Profit 927 691 606 1,409 1,285 1,022 1,054 1,352 334 758 1,387 1,561
EPS in Rs 4.48 3.34 2.92 6.80 6.21 4.94 5.19 6.66 1.65 3.73 6.83 7.69
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,195 1,496 2,000 2,697 3,577 4,830 6,152 7,109 8,439 11,323 10,925 11,873 11,863
461 551 701 952 1,115 1,910 2,250 2,535 3,025 4,201 4,330 5,926 4,848
Operating Profit 734 944 1,299 1,746 2,461 2,919 3,902 4,574 5,415 7,122 6,596 5,947 7,015
OPM % 61% 63% 65% 65% 69% 60% 63% 64% 64% 63% 60% 50% 59%
Other Income 147 194 110 34 264 685 686 733 1,040 879 1,289 1,790 1,945
Interest 248 218 167 281 542 977 1,175 1,124 1,116 1,579 1,385 1,813 1,990
Depreciation 147 187 239 316 422 649 912 1,063 1,160 1,188 1,373 1,680 1,960
Profit before tax 486 734 1,004 1,182 1,762 1,978 2,501 3,119 4,179 5,234 5,126 4,244 5,010
Tax % 11% 8% 9% 8% 7% 12% 7% 9% 7% 30% 21% 11%
Net Profit 433 676 918 1,102 1,623 1,740 2,314 2,897 3,912 3,674 3,990 3,763 4,041
EPS in Rs 2.16 3.37 4.58 5.50 8.10 8.40 11.18 13.99 18.89 17.74 19.27 18.52 19.90
Dividend Payout % 28% 24% 20% 18% 12% 12% 10% 8% 7% 11% 1% 17%
Compounded Sales Growth
10 Years:23%
5 Years:14%
3 Years:12%
TTM:-1%
Compounded Profit Growth
10 Years:19%
5 Years:11%
3 Years:-1%
TTM:-16%
Stock Price CAGR
10 Years:18%
5 Years:25%
3 Years:19%
1 Year:103%
Return on Equity
10 Years:21%
5 Years:19%
3 Years:17%
Last Year:15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
403 403 403 403 403 417 417 414 414 672 680 670 406
Reserves 2,526 3,050 3,786 4,412 5,993 8,351 10,351 12,925 16,946 20,489 23,958 25,051 27,374
Borrowings 2,896 3,767 3,592 17,565 11,617 12,976 17,773 22,342 22,214 22,112 27,446 29,979 34,367
1,287 1,494 1,739 3,536 3,025 2,936 3,544 2,704 3,795 4,217 4,493 6,481 9,317
Total Liabilities 7,110 8,712 9,519 25,914 21,035 24,677 32,082 38,385 43,369 47,233 56,311 61,917 71,464
3,560 4,853 6,391 18,428 11,382 13,163 20,527 20,883 21,054 22,670 28,121 32,715 32,342
CWIP 1,619 1,918 1,717 3,638 2,951 2,025 1,276 1,967 4,514 4,545 4,483 3,216 3,423
Investments 207 222 67 70 222 63 260 545 1,161 1,079 782 1,178 1,157
1,723 1,719 1,344 3,778 6,480 9,426 10,020 14,990 16,641 18,938 22,924 24,808 34,543
Total Assets 7,110 8,712 9,519 25,914 21,035 24,677 32,082 38,385 43,369 47,233 56,311 61,917 71,464

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
747 1,049 1,209 1,200 1,379 1,132 3,057 2,381 4,063 5,608 6,029 7,402
-776 -1,802 -970 -13,876 -5,136 -2,510 -2,485 -4,153 -2,629 -3,846 -4,368 -749
365 692 -528 12,976 4,138 772 -237 2,170 -1,325 -1,889 2,313 -4,256
Net Cash Flow 336 -61 -289 300 381 -606 335 398 109 -127 3,975 2,397

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 13% 14% 16% 10% 11% 14% 15% 13% 14% 17% 14% 11%
Debtor Days 70 43 51 41 73 70 76 125 116 139 93 98
Inventory Turnover 2.29 2.56 3.20 3.64 2.71 2.30 1.77 1.59 1.17 0.93 1.06 1.40

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
66.27 62.30 62.30 62.30 62.30 62.30 62.46 62.46 62.79 63.57 63.65 63.74
18.02 21.27 22.31 21.89 21.82 21.45 20.93 18.72 17.53 17.05 17.05 17.75
12.17 11.45 11.91 12.52 12.54 12.66 13.72 15.76 16.62 16.60 16.43 15.67
0.07 0.07 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08
3.47 4.91 3.40 3.21 3.26 3.50 2.81 2.98 2.98 2.69 2.78 2.76

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