Cargo volumes fell 27% to 41.41 MMT (million metric tonne) in Q1 June 2020 compared to 56.75 MMT in Q1 June 2019. Lockdown measures to tame the spread of COVID-19 resulted in lower import and export, impacting cargo throughput in first quarter of FY21.
There has been a steady increase in cargo throughput across Ports from July 2020. During the month of July 2020, APSEZ handled cargo volume of 18.30 MMT, a growth of 6% on year on year basis and 31% over June 2020. This trend gives us confidence that worst is behind us and going forward cargo volume in FY21 is expected to stabilize, the company said in a statement.
EBITDA shrunk 22% to Rs 1,438 crore in the June quarter from Rs 1,843 crore recorded in the same period last year. EBITDA margin was at 63% as on 30 June 2020 as against 66% as on 30 June 2019.
The company recorded a forex loss of Rs 37 crore in the first quarter as against as a forex loss of Rs 3 crore in the same period last year.
Profit before tax in Q1 FY21 stood at Rs 943 crore, down 31% from Rs 1362 crore in Q1 FY20. Tax expense decreased 44% to Rs 185 crore in Q1 June 2020 over Q1 June 2019.
Karan Adani, chief executive officer and whole time director of APSEZ said, In first quarter of FY21, we were able to perform operationally at par with pre-COVID levels. We kept supply chain running and stood by our customers to prove as a bankable service provider at all times ensuring stronger customer relationships and stickiness in cargo. During this period, we relooked at fundamentals of port operations and realigned costs, thus maintaining Port EBIDTA margin of 70%.
With the worst behind us, we have emerged operationally stronger and resilient to externalities. Our focus continues on further improving efficiencies, reducing costs and closing out value accretive acquisitions namely Krishnapatnam Port and Dighi Port.
Adani Ports and Special Economic Zone (APSEZ), a part of globally diversified Adani Group, is the largest port developer and operator in India. APSEZ accounts for nearly one-fourth of the cargo movement in the country. It is present across 10 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.
The scrip rose 1.18% to Rs 335.15. It traded in the range of 330.80 and 336.70 during the day.
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