Adani Ports stock dips 1.3% despite impressive Q4 numbers

Adani Ports and Special Economic Zone Ltd (APSEZ) shares dropped over 1% in trade on Friday, May 3, even as the company reported decent numbers for the quarter and year ended March 2024 (Q4FY24).

The APSEZ stock lost as much as 1.3% on Friday to hit an intra-day low of ₹1,320.60 on the National Stock Exchange of India (NSE), erasing all its early morning gains. The share price had risen as much as 1.1% earlier in the session.

APSEZ announced on Wednesday that its consolidated Q4 revenue stood at ₹6,897 crore, up nearly 19% compared with ₹5,797 crore in Q4FY23.

Consolidated profit after tax (PAT) jumped by almost 77% to ₹2,015 crore in the March quarter compared with ₹1,139 crore a year ago. APSEZ’s operating income, or earnings before interest, tax, depreciation and amortisation (Ebitda) was up 23.6% at ₹4,044 crore in Q4 FY24 compared with ₹3,271 crore in Q4FY23.

For full fiscal FY24, the company said that its revenue grew 28% to reach a record high of ₹26,711 crore compared with FY23. The growth was mainly supported by a 30% jump in ports business and 19% in logistics business revenue.

PAT increased 50% year-on-year to ₹8,104 crore, while Ebitda rose 44% to ₹15,751 crore.

For the ongoing year FY25, the Gautam Adani company sees revenue at ₹29,000-31,000 crore. Capex for the period should be in the range of ₹10,500-11,500 crore, APSEZ added.

For FY24, the APSEZ board of directors also recommended a dividend of ₹6 per share, implying a payout of around ₹1,300 crore for the company.

The record date for the purpose of identifying shareholders eligible for receiving dividend has been fixed as June 14.