Adani Ports and Special Economic Zone (SEZ) Limited announced on Tuesday that the company’s board has recommended a 250 percent dividend for the 2021-2022 fiscal year. “The board of directors has recommended a dividend of 250 per cent (Rs 5) per share of Rs 2 each fully paid-up for the fiscal year 2021-22, subject to shareholder approval at the subsequent annual general meeting (AGM),” it said. the company Adani Group in an exchange application.
The company further said that it will inform in due course the date when the company will hold the AGM for the year ending March 2022 and the date when dividends will be paid or warrants thereof will be sent to shareholders.
Adani Ports & SEZ Q4 Results
Adani Ports and Special Economic Zone Limited (APSEZ) have reported a 21.78 percent decline in consolidated net profit to Rs 1,033 crore for the fourth quarter ended March 2022. According to a BSE filing late Tuesday, the largest integrated logistics player had the country made a consolidated net profit of Rs 1,321 crore in the corresponding period of the previous fiscal year.
The company’s consolidated total income rose to Rs 4,417.87 crore for the fourth quarter of the last fiscal year, from Rs 4,072.42 crore in the same period a year ago. Total costs also rose to Rs 3,309.18 crore in the last quarter reviewed, from Rs 2,526.91 crore in the same period.
Chief Executive Officer and Whole Time Director of APSEZ Karan Adani said FY22 was a great year for APSEZ, hitting several milestones for itself and setting new benchmarks for India’s maritime industry.
Adani Ports’ consolidated revenue (excluding Gangavaram) grew 27 percent to Rs 15,934 crore, thanks to growth in ports, logistics and SEZ. Port revenues rose 21 percent to Rs 12,964 crore. The turnover of the logistics activities amounted to Rs 1,208 crore, a growth of 26 percent.
As mentioned earlier, Consolidated EBITDA excluding Gangavaram grew 22 percent to Rs 9,811 crore while Port EBITDA grew 21 percent to Rs 9,120 crore. The logistics company’s EBITDA grew 41 percent to Rs 320 crore, aided by freight diversification, elimination of loss-making routes and operational efficiency measures. Net debt to EBITDA for FY22 was 3.4X, which is within the guided range of 3-3.5X. After adding Gangavaram port EBITDA, the ratio would be 3.0X.
Adani Ports also made a number of acquisitions and won a few major projects, it added. “The acquisitions in FY22 involved an investment of approximately Rs 11,400 cr for APSEZ and were successfully managed alongside an organic capex of approximately Rs 3,750 cr,” it said.
Shares fall after Q4 gains
Shares of Adani Ports, however, fell more than 3 percent on Wednesday after the Adani Group company reported a 21 percent drop in net profit for the March 2022 quarter. The stock opened with a loss of 2.04 percent at Rs 736.50 against the previous close of Rs 751.80 on BSE. Adani Ports share hit an intraday low of Rs 727.60 and fell 3.21 percent on BSE.
The stock is trading below the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share of Adani Ports has lost 3.62 percent in one year and has increased by 0.81 percent since the beginning of this year. The company’s market cap dropped to Rs 1.54 lakh crore on BSE. Total 0.52 lakh shares of the company changed hands representing a turnover of Rs 3.84 crore on BSE.
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