Adani Ports and Special Economic Zone is believed to have ended FY23 exceeding its guidance on operating profit as well as revenue, sources said.
According to information available with businessline, the company recorded a revenue of around ₹20,000 crore in FY23 while EBITDA is at around ₹14,000 crore.
The company is yet to formally report its results for the year and the fourth quarter.
The company had earlier guided EBITDA for FY23 in the ₹12,200-12,600 crore range and estimated revenue at ₹19,800 crore. These were also the numbers that the management had shown investors at roadshows in Singapore and Hong Kong in March.
Debt and cashflow
In FY22, the company reported a revenue of ₹17,100 crore, with EBITDA at ₹10,600 crore. In the period from April to December 2022, the company had reported revenue of ₹15,055 crore with EBITDA of ₹9,562 crore.
The company is also understood to have ended the year with a gross debt of ₹44,500 crore, slightly higher than its estimated ₹44,000 crore. At the end of December, it had a debt of ₹45,534 crore. Sources said the company handled 350 million tonnes of cargo in FY23, compared to 312 million tonnes handled a year ago.
It is also believed to have generated a cashflow of ₹8,800 crore.
Cashflows are very important for the company as it has to repay maturing debt as well as for expansion purposes. The management has forecast capex for the current financial year in the range of ₹4,000-4,500 crore as well as pay down loans worth ₹5,000 crore through internal accruals.
Its debt has an average maturity of six years and major debt repayments are due next financial year, and then from FY28 onwards, a substantial portion of this being foreign debt.
In the March quarter, the company completed the acquisition of a controlling interest in Haifa Port in Israel and a joint-venture stake in Indian Oiltanking, the country’s third-largest third-party liquid tank storage company. Last Saturday, the company announced acquiring Karaikal Port, which was undergoing bankruptcy proceedings, for ₹1,485 crore.
Both these acquisitions will be adding to the topline and the cashflows of the company in the current year.