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Adani Ports and Special Economic Zone Ltd - Stock Valuation and Financial Performance

BSE: 532921 | NSE: ADANIPORTS | Port | Large Cap

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Adani Ports &Special Share Price

 ₹1,093.90 -9.95 -0.90%
as on 24-Jan'25 16:59

DeciZen - make an informed investing decision on Adani Ports &Special

Overall Rating ⓘ
Bole Toh

1. Quality

Very Good
Check detailed 10 Yrs performace

2. Valuation

Somewhat Undervalued
Check 10 Yrs Valuation charts

3. Price Trend

Weak
Check Price chart

Adani Ports and Special Economic Zone stock performance -

PE Chart Key Ratios
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P/E Ratio (CD):
24.10
Market Cap:
2,36,297.6 Cr.
52-wk low:
993.9
52-wk high:
1,608

Is Adani Ports and Special Economic Zone Ltd an attractive stock to invest in?

1. Is Adani Ports and Special Economic Zone Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Adani Ports and Special Economic Zone Ltd is a good quality company.

2. Is Adani Ports and Special Economic Zone Ltd undervalued or overvalued?

The key valuation ratios of Adani Ports and Special Economic Zone Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

3. Is Adani Ports and Special Economic Zone Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Adani Ports and Special Economic Zone Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Adani Ports &Special:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Standalone Basis P Consolidated Basis P
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Adani Ports and Special Economic Zone Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % ⓘ14.7%13.4%14.7%15.6%13.8%11.5%14.1%10.8%10.8%13.3%-
Value Creation
Index ⓘ		0.30.20.30.40.20.00.30.00.00.2-

Growth Parameters ⓘ

Growth Parameters Colour Code Guide ⓘ

Sales ⓘ6,1527,1098,43911,32310,92511,43912,55017,11920,85226,71128,443
Sales YoY Gr.-15.6%18.7%34.2%-3.5%4.7%9.7%36.4%21.8%28.1%-
Adj EPS ⓘ11.414.21819.421.124.421.827.227.738.545.4
YoY Gr.-24.1%26.7%8%8.9%15.4%-10.5%24.5%2%39%-
BVPS (₹) ⓘ51.664.483.8100.9118.5125.3149.8180.9210.1244.3264.7
Adj Net
Profit ⓘ		2,3632,9343,7184,0154,3754,9514,4325,7375,9838,3169,805
Cash Flow from Ops. ⓘ3,0572,3814,0635,6086,0297,4027,55610,42011,90015,018-
Debt/CF from Ops. ⓘ5.89.45.544.64.14.64.44.33.1-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ17.7%19.6%28.6%28.1%
Adj EPS ⓘ14.5%12.8%20.9%39%
BVPSⓘ18.9%15.6%17.7%16.3%
Share Price 12.2% 23.2% 15.4% -4.6%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity % ⓘ		24.224.22420.819.219.715.815.813.716.917.8
Op. Profit
Mgn % ⓘ		64.665.164.263.264.762.563.660.861.659.461.9
Net Profit
Mgn % ⓘ		38.640.443.835.640.543.535.833.929.131.134.5
Debt to
Equity ⓘ		1.71.71.31.11.11.21.11.21.10.90.7
Working Cap
Days ⓘ		537560549446517522464334315265111
Cash Conv.
Cycle ⓘ		386488971006955284-49

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 17.80%

Sales growth is growing at healthy rate in last 3 years 28.63%

Net Profit is growing at healthy rate in last 3 years 20.86%

Debt to equity has declined versus last 3 years average to 0.87

Sales growth is good in last 4 quarters at 22.72%

No data to display

Latest Financials - Adani Ports and Special Economic Zone Ltd.

Standalone Consolidated
TTM EPS (₹) 11.6 45.4
TTM Sales (₹ Cr.) 7,543 28,443
BVPS (₹.) ⓘ 136.1 264.7
Reserves (₹ Cr.) ⓘ 28,970 56,744
P/BV ⓘ 8.04 4.13
PE ⓘ 94.65 24.10
From the Market
52 Week Low / High (₹) 993.85 / 1607.95
All Time Low / High (₹) 50.00 / 1607.95
Market Cap (₹ Cr.) 2,36,298
Equity (₹ Cr.) 432
Face Value (₹) 2
Industry PE ⓘ 91.6

Management X-Ray of Adani Ports &Special:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *17.8017.314.664.022.441.721.701.550.030.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Adani Ports &Special

Event Update

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Analyst's Notes

Adani Ports: Q1FY24 Result Update - 19 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

6,248

+24%

 Overall cargo volume growth of 12%; driven by   containers growing 15%

EBITDA

3,689

+76%

 

EBITDA Margin

59%

+1774 bps

 Increase in volumes, better realizations and operating   efficiencies and low base resulted in margin   expansion 

PAT

2,119

+80%

 

Strong performance on healthy volume growth as well as margin expansion. Both port and logistics segment delivered good results.

Adani Ports: Q4FY23 Result Update - 02 Jun 2023

Particulars

Q4FY23

YoY Growth

Comments

Revenue

5,797

11%

Cargo volumes grew by 11% to 86 Mn MT

EBITDA

3,271

27%

EBITDA margin at 56.4%

PAT

1,141

3%

PAT before extraordinary items grew by 41% to 2,267 Cr

Good results, with improving volumes guidance and debt reduction to help strengthen fundamentals.

 

Adani Ports & Special Economic Zone Ltd: Q2FY23 Result - 22 Nov 2022

Adani Ports & Special Economic Zone Ltd

Market Cap 190,589Cr

CMP 882

P/E 35.8x

 

Results

INR Cr.

YoY Growth

Comments

Revenue        

5210.8

32.8%

Driven by 27% volume growth in ports

EBITDA

3260.3

31.3%

Margins at 62.6% declined from 63.8% on yearly basis, due to higher expenses

PAT

1677.5

68.5%

Lower base value due to higher forex losses

 

Check 10 year X-ray here

Key Highlights

  • Within the segments, container volumes grew 6.2%, while bulk volumes by 30.1% due to higher coal imports.
  • Company acquired Inland Container Depot (ICD) Tumb at Vapi, Ocean Sparkle (third party marine service provider) with over 60% market share and Gangavaram Port which is India's third largest private sector port.
  • Adani Port acquired 49.38% share in Indian Oil tanking Ltd (IOTL) for 1,050 Cr which is engaged in building, operation and maintenance of liquid storage tanks.

 

Management Outlook

  • Management expects coal volumes to remain high in H2FY23, and growth to remain stable in all segments.
  • Management guided on hedging and using foreign bonds to reduce volatility in forex gains/losses.
  • Management expects completion of the Haifa Port company in Israel, in few weeks.
  • Management guided on 4000 Cr capex in H2FY23 in port and logistics business.

 

Adani Ports & SEZ: Result Snapshot - 17 Jun 2021

Results: Good

Adani Ports reported 23% growth in sales over previous year, and 250% growth in operating profit on low base. The company has grown by acquiring new assets on east and west coast. This has helped it scale up volumes by winning more deals as clients get access to ports on major coastline.

Our Opinion: Ports is a very good business model after the port is built. It has pricing power to pass on inflation and also has fixed costs which means higher sales leads to higher profit growth. Our valuation now reflect on track expansion plan and debt reduction. We maintain cautious view on Adani Ports due to high debt, pledging and multiple related party transactions.

Adani Ports & SEZ: Volume Growth justifies high valuation - 23 Jun 2015

Adani Ports & SEZ has been aggressively expanding capacities at Mundra Port on the west coast & Dhamra Port on the east coast.

- Capacity constraints at JNPT port & tie-ups with the shipping companies are ensuring container volume growth.

- Adani Ports now handles more 23% container volumes in the country. Correction in crude oil price can increase crude volumes at Mundra Port in the near future.

- With increase in utilization & additional services available at port, the operating margins are expected to expand.

- We believe debt to remain constant as the company will have good interest coverage from strong operational cash flows from existing facilities. So we chose to value the company based on EV/EBITDA multiple.

- We have factored a 12% bulk volume growth rate at Mundra Port & total bulk volume growth rate of 14% including Dahej, Dhamra & Hazira.

- Container volume growth rate of 12% over next five years from tie-ups from shipping companies and ramp-up of capacity at Mundra Port.

- We expect total sales and EBITDA (earnings before depreciation, interest & tax) to grow at 15% and 17% CAGR respectively for next five years.

- At 12 times FY20 EBITDA, we believe that the fair value of stock is around Rs. 258 per share approximately.

- Our valuation factors EPS growth rate of 23% CAGR over the next five years. Price of Rs.258 implies 15 times FY20E EPS which looks fair given its competitive advantage and ROE in access 18%.

View All Notes

Key Ratios of Adani Ports &Special

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales6,1527,1098,43911,32310,92511,43912,55017,11920,85226,711
Operating Expenses ⓘ 2,2502,5353,0254,4994,3345,9344,5667,5948,01810,847
Manufacturing Costs1,6491,8202,1663,2352,7313,0903,2374,8685,6247,106
Material Costs0000000000
Employee Cost 2372763834475305476157791,1781,896
Other Costs ⓘ 3644394768161,0732,2977151,9461,2161,845
Operating Profit ⓘ 3,9024,5745,4156,8246,5925,5057,9839,52412,83315,864
Operating Profit Margin (%) 63.4%64.3%64.2%60.3%60.3%48.1%63.6%55.6%61.5%59.4%
Other Income ⓘ 6868021,3181,0111,4052,4332,6852,2391,7841,551
Interest ⓘ 1,1751,1941,3931,2571,4281,9512,2552,5604,4802,897
Depreciation ⓘ 9121,0631,1601,1881,3731,6802,1073,0993,4253,888
Exceptional Items ⓘ 000-155-69-590-405-1,273-374
Profit Before Tax ⓘ 2,5013,1194,1795,2345,1264,2446,2925,7175,48710,094
Tax ⓘ 1772832871,5441,0814591,243764961,990
Profit After Tax 2,3242,8373,8923,6904,0453,7855,0494,9535,3918,104
PAT Margin (%) 37.8%39.9%46.1%32.6%37.0%33.1%40.2%28.9%25.9%30.3%
Adjusted EPS (₹)11.214.018.917.719.318.524.623.124.637.6
Dividend Payout Ratio (%)10%8%7%11%1%17%20%22%20%16%

Balance Sheet

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 10,76813,50517,52621,06924,53825,62330,60838,38345,55652,945
Share Capital ⓘ 417580580580414573573589599599
Reserves ⓘ 10,35112,92516,94620,48924,12425,05130,03537,79444,95752,346
Minority Interest159124139150210220146539313611598
Debt15,15519,45321,25521,40226,42928,33933,87545,06648,49538,591
Long Term Debt13,85015,82017,99320,62919,88326,18132,93639,69146,51737,663
Short Term Debt1,3063,6333,2627736,5462,1579405,3741,978928
Trade Payables3624034564905727291,0141,1602,2962,167
Others Liabilities ⓘ 5,6383,6982,2172,9543,7506,0847,62013,32714,85621,698
Total Liabilities ⓘ 32,08237,18341,59446,06555,49960,99474,58298,3281,12,5631,16,999

Fixed Assets

Gross Block24,75022,00023,46326,46933,25239,53757,07074,07685,62891,660
Accumulated Depreciation4,2231,1162,4103,7995,1316,8238,77911,52314,70717,858
Net Fixed Assetsⓘ 20,52720,88321,05422,67028,12132,71548,29162,55370,92273,803
CWIP ⓘ 1,2661,9674,5144,5454,4833,2163,6974,0236,63710,936
Investmentsⓘ 2605451,1611,0797821,1782,2363,1617,4324,289
Inventories259212657520807288992396452438
Trade Receivables1,2882,4362,6934,3102,7903,2022,9262,5213,9573,667
Cash Equivalents 6341,2781,9772,9685,9677,3144,70110,6674,3347,632
Others Assetsⓘ 7,8489,8629,5389,97212,54813,08111,73915,00718,83016,236
Total Assets ⓘ 32,08237,18341,59446,06555,49960,99474,58298,3281,12,5631,16,999

Cash Flow

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity ⓘ 3,0572,3814,0635,6086,0297,4027,55610,42011,90015,018
PBT ⓘ 2,5013,1194,1795,2345,1264,2446,2925,7175,48710,094
Adjustment ⓘ 1,4441,4121,8332,0801,9783,0171,7284,9048,1346,205
Changes in Working Capital ⓘ -401-1409-1226-70732991408758-874-10
Tax Paid ⓘ -487-742-723-999-1,107-850-873-960-847-1,272
Cash Flow From Investing Activity ⓘ -2,485-4,153-2,639-3,846-4,424-750-14,143-5,282-19,560-6,947
Capex -1,784-2,110-3,748-2,698-2,887-3,558-2,348-3,646-8,937-7,390
Net Investments 34-448-1,086-1,0361,3851,213-1,184-4,583-801-111
Others ⓘ -736-1,5952,194-113-2,9221,595-10,6112,947-9,822554
Cash Flow From Financing Activityⓘ -2372,170-1,325-1,8892,313-4,2563,514-586-2,734-7,800
Net Proceeds from Shares ⓘ 0000000909946235
Net Proceeds from Borrowing ⓘ 3972,3935012,404-1,6555,1366,6414,9515,735-3,654
Interest Paid ⓘ -1,200-1,233-1,088-1,164-1,472-1,924-1,938-2,551-2,371-2,809
Dividend Paid ⓘ -207-456-1-269-418-7000-1,027-1,093-1,080
Others ⓘ 7741,465-737-2,8605,859-6,768-1,189-2,869-5,951-493
Net Cash Flow ⓘ 33539898-1273,9192,396-3,0734,553-10,394271

Finance Ratio

Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)24.0423.6225.3619.2917.815.1418.0614.4312.916.51
ROCE (%)14.6913.4214.7415.6413.7511.4914.110.810.8413.3
Asset Turnover Ratio0.220.210.210.260.220.20.190.20.20.23
PAT to CFO Conversion(x)1.320.841.041.521.491.961.52.12.211.85
Working Capital Days
Receivable Days66961111131199689585752
Inventory Days131219192217191576
Payable Days0000000000

Adani Ports and Special Economic Zone Ltd Stock News

Adani Ports and Special Economic Zone Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Adani Ports &Special on 24-Jan-2025 16:59 is ₹1,093.9.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 24-Jan-2025 16:59 the market cap of Adani Ports &Special stood at ₹2,36,297.6.
The latest P/E ratio of Adani Ports &Special as of 24-Jan-2025 16:59 is 94.65.
The latest P/B ratio of Adani Ports &Special as of 24-Jan-2025 16:59 is 8.04.
The 52-week high of Adani Ports &Special is ₹1,608 and the 52-week low is ₹993.9.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Adani Ports &Special is ₹7,543 ( Cr.) .

About Adani Ports and Special Economic Zone Ltd

Adani Ports and Special Economic Zone Limited (APSEZ) is the largest commercial ports operator in India accounting for nearly one-fourth of the cargo movement in the country. Its presence across many domestic ports in various maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha presents the most widespread national footprint with deepened hinterland connectivity. The port facilities are equipped with the latest cargo-handling infrastructure which is not only best-in-class, but also capable of handling the largest vessels calling at Indian shores. The company’s ports are equipped to handle diverse cargos, from dry cargo, liquid cargo, crude to containers.

Through its subsidiary Adani Logistics Ltd., APSEZ operates three logistics parks located at Patli in Haryana, Kila-Raipur in Punjab and Kishangarh in Rajasthan. Over the years, APSEZ has evolved into a provider of integrated port infrastructure services, of which the Mundra SEZ in Gujarat is a landmark validation. The Mundra Economic Hub offers investment options as the largest multi-product SEZ, Free Trade and Warehousing Zone (FTWZ) and Domestic Industrial Zone.

The Company’s integrated services across three verticals, i.e. Ports, Logistics and SEZ, has enabled it to forge alliances with leading Indian businesses making APSEZ an undisputed leader in the Indian port sector. Along with its expertise in providing end-to-end logistics solutions, operational excellence, low-cost operations and synergies through acquisitions, the Company is backed by a young and dynamic workforce that propels it to greater heights.

Business area of the company

The Company is primarily engaged in one business segment, namely developing, operating and maintaining the Ports services, Ports related Infrastructure development activities and development of infrastructure at contiguous Special Economic Zone at Mundra, as determined by chief operating decision maker, in accordance with Ind-AS 108 “Operating Segments”.

Awards and Recognition

2016:

  • Dun and Bradstreet - India’s Leading Infrastructure Company Port Category - Infra Awards 2016.
  • Sea Port of the Year - Private at Logistic Asia Award 2016.
  • Sea Port of the Year - Liquid Terminal at Logistic Asia Award 2016.
  • Samudra Manthan Awards 2016 for Private Port of the Year.
  • Container Handling Port of the year at 7th all India Maritime and Logistics Awards.
  • Private Port/Terminal of the Year Award at India Seatrade Award 2016.
  • Best Port of the year (Non Containerized) Award at India Maritime Awards.
  • Best Port of the year (Containerised) Gujarat Star Awards.
  • Won Gold in “1st Annual EKDKN Exceed Award 2017”.
  • MALA Awards - Port/Maritime Personality of the year awarded to a senior official of the Company.
  • Global Ports Forum award for Port/Terminal Visionary of The Year 2017 awarded to a senior official of the Company.
  • Global Ports Forum award for Container Terminal Operator of the year 2017.
  • Sliver Trophy - “FINEST INDIA SKILLS & TALENT AWARD 2017” category of “Best Fire Safe Company – Services” after its launch for the first time in India.
  • Golden Peacock Award for Corporate Social Responsibility for the year 2016.

2017:

  • Golden Peacock Award for Occupational Health & Safety at 19th World Congress Global Conference
  • Private Port of the Year by Sea Trade Award
  • Best Environment Protection Award by Maritime Nation India Environment Protection Award
  • Best Terminals and Ports Operator at the 11th Express, Logistics & Supply Chain Leadership Awards
  • Best Shipping Port of the Year award at India Cargo
  • Gold at ‘Best Simulation based Learning Programme’ at CLO award organized by Leapvault with knowledge associate Tata Institute of Social Sciences
  • Commendation for Significant Achievement by CII-ITC Sustainability Awards 2017 for Domain Excellence - CSR
  • Gold Award in ‘2nd Annual EKDKN EMINENT Award 2017’ - Ek Kam Desh Ke Nam (EKDKN) CSR category in port sector
  • Silver Award - Innovation under the category of Transport & Logistics from OSH India Global Safety Conference - A UBM Event
    Silver Plaque at 30th World Ports Conference organized by International Association of Ports and Harbours
  • Gold and Silver Awards in 31st National Convention on Quality Concepts for Dahej and Haizra Ports

2018:

  • Golden Peacock Environment Management Award 2018 in the Port category
  • The All India Maritime and Logistics Awards (MALA) 2018 in the ‘Best Container Handling Terminal of the Year’ category
  • Behaviour Based Safety Award 2018 in the ‘Port’ category
  • The Gujarat Junction Award 2019 in the ‘Port of the Year - Containerised Cargo’ category
  • 12th ELSC Leadership Awards and 6th Procurement Excellence Awards’

2019:

  • Mundra Port was awarded a ‘Zero Waste Port’ certificate by Libero Assurance

2020:

  • The company’s three schools were recognised and appreciated at the recently held Samagra Shiksha Empowering Awards 2020, for providing quality and value-based primary education to the underprivileged.

Milestones

2015:

  • Adani begins development of India’s First Transhipment Port at Vizhinjam
  • Adani Ports commissions Tuna Tekra bulk terminal at Kandla in a record time of 24 months

2016:

  • Adani Ports and Terminal Investment to jointly develop a major transhipment hub at Mundra

2017:

  • Adani Ports, Mundra set National Record for the ‘largest parcel size of containers handled in one vessel’
  • Adani Ports begins Berth Construction at India’s First Transhipment Port at Vizhinjam
  • Adani Ports form JV with France’s CMA CGM to operate Container Terminal at Mundra Port
  • Adani Logistics commissions multimodal logistics park in Punjab and dedicates it to the nation

2018:

  • Adani and Total Join Forces to become a major integrated downstream player in the Indian Energy Market
  • Adani Logistics Ltd. (ALL) and NYK Auto Logistics (India) Private Ltd. (NALI) Announce Formation of Rail Logistics Joint Venture
  • APSEZ completes acquisition of Kattupalli port - Southern India’s new EXIM gateway - from L&T
  • Adani Ports signs a long term regasification pact with Indian Oil for Dhamra LNG terminal
  • Adani Ports Expands Dhamra Port Capacity Four Fold to 100 million tonne per annum

2019:

  • Adani Forays into Cold Chain Logistics with INR 296 Cr acquisition of Snowman Logistics
  • APSEZ & Wilhelmshaven Freight Village Container Terminal to jointly promote trade and shipping
  • Adani becomes 1st Indian port operator to record 200 MMT cargo movement

2020:

  • Adani Ports and SEZ Ltd. completes Rs. 12000 cr acquisition of Krishnapatnam Port Company Ltd. (KPCL).
  • APSEZ becomes the first Indian port to sign up for Science Based Targets Initiative (SBTi)
  • First Container vessel carrying Export Cargo from India to Bangladesh
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