Adani Ports and Special Economic Zone APSEZ fell and rose back in red on Tuesday ahead of its results for the period ending on March 31, 2023. Later today, the company will announce its quarterly results and dividend for the shareholders, if any.
Shares of Adani Ports fell more than a percent on Tuesday from the previous high of 742.20. The scrip had been settled at 737.45 on Monday. At the end of the session, the company had commanding market capitalization of close to Rs 1.6 lakh crore.
The company is expected to report strong growth in the net profit per year, with a robust EBITDA that may rise more than 60 percent. EBITDA margins are projected to expand 140 - 160 basis points bps, while revenue may stay flat on a quarter-on-quarter QoQ comparison.
Nomura, a global brokerage firm, expects Adani Ports to report a consolidated revenue of Rs 4,849. 6 crore, rising 26.1 per cent YoY but flat on a sequential basis. The EBITDA is expected to be worth Rs. 3000. The value of shares increased 63.6 per cent YoY and 12.7 per cent QoQ, with an EBITDA margin of 62.7 per cent, up 143 bps YoY.
Full-year FY 23 volumes at 339 mnt were below company guidance of 350 - 360 mnt, though overall annual profitability EBITDA guidance will likely be met, our analysts said. We expect profitability to improve, driven by improved pricing and low impact of exchange rates on forex debt, Nomura said in a statement.
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Kotak Institutional Equities expects Adani Ports to report a rise of 80 per cent in net profit to Rs. 1,842 in the next two years. 80 crore for Q4 FY23, while sales are expected to rise 30.80 per cent YoY to Rs 5028. Rs. 50 crore is expected to be raised by the end of the year. EBITDA margin is 63.8 percent, up 184 basis points, compared to a year earlier.
In response to a weakening demand in country-level demand, for APSEZ, we model comparable volume growth to be around low-to-mid-single digits. The consolidation of Gangavaram port yields a higher 15 per cent YoY growth in volume, Kotak said in its report.
The quarter saw foreign portfolio investors FPI increase their holding in the Adani group firm to a multi-quarter high, owing to investments from Rajiv Jain-led GQG investment this past month. In the same period, domestic institutions such as Life Insurance Corporation of India LIC and mutual funds trimmed shares of the Adani group firm, the latest shareholding pattern for the period ended on March 31, 2023, suggests.
ICICIdirect has a net profit after tax at Rs 1,328, compared to other brokerage firms. The value of stocks rose 29.80 percent in New York, up 29.80 percent from the previous year. Revenue rose to 4,938 from a year ago, the company said in a statement. 30 crore rose to 28.40 per cent from the previous year, up 28.40 per cent from the previous year. EBITDA is forecast to grow 31 per cent to Rs. 3121 crore.
Elara Securities has a net profit of 1,690 crore. Revenue will rise 37 per cent to Rs.5,252 million from Rs. 37 per cent in the first quarter of last year. Adani Ports' board also plans to pay a dividend for FY23, if any.
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Revenue is expected to rise 30 per cent, and profits are forecasted at the same rate.