Tag: Adani Ports

Talks on with Adani Group on Tajpur Port project, says Bengal minister

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amid speculations of Adani Group backing out of the Tajpur Port project in West Bengal after Chief Minister Mamata Banerjee’s tender invitation comment, state minister for industries, commerce and enterprises Sashi Panja said the project is very much on track and talks are underway with the Adani Group.

Addressing a press conference on Sunday on account of ‘West Bengal Day’, when asked about Adani Group‘s absence from the Bengal Global Business Summit (BGBS), Panja said that talks with the Adani Group and Bengal government are still on and that the company was provided with a provisional Letter of Intent (LoI) for the Tajpur Port project.

“There was a provisional LoI which was granted to the highest bidder of the Tajpur project. The requisite permissions were then sought from four departments of the government of India. All other permissions from the Government of India, including Defence, Shipping, Home and External Affairs departments were also under process. The Adani Group is waiting for a letter of award (LoA) from the West Bengal government,” she said.

“The Ministry of Home Affairs had offered conditional security and reverted to the Bengal Government with some observations, the clarifications of which we have asked for,” Panja said.

When asked about Opposition speculating on the issue over the development of the project, the minister called them ‘baseless allegations’

“They do not know the status of the project, and the progress of the discussions with Adani Group on the deep sea port. They are speaking out of order,” she said.

During the BGBS summit held recently, CM Banerjee said: “The proposed first deep sea port at Tajpur is ready. You can participate in the tender. It will attract an investment of about $3 billion, meaning ₹25,000 crore,”

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Adani Ports Share Price: Uncertainty over Letter of Award for development of West Bengal’s Tajpur port

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Adani Ports & Special Economic Zone Ltd. are trading lower by a percent on Wednesday, November 22. Uncertainty has emerged over the Letter of Award that was granted to the company for the development of the Tajpur Port in West Bengal.

The West Bengal Government had cleared the Letter of Award to Adani Ports in October 2022.

In an exchange filing on October 12, 2022, Adani Ports had said: “The company has received a Letter of Award from West Bengal Industrial Development Corporation Ltd, Kolkata for development of a deep-sea port at Tajpur, West Bengal on Design, Build, Finance, Operate and Transfer basis.”

Karan Adani, CEO of Adani Ports had received the letter. “We’re poised to build not just a port but a complete infrastructural ecosystem which will become a maritime gateway for the entire Eastern India,” he had tweeted after receiving the letter.

However, West Bengal Chief Minister Mamata Banerjee, at the Bengal Business Summit on November 21 said that interested parties could bid for the Tajpur Port.

“There is a proposed deep sea port at Tajpur. That is ready. You can participate in the tender. It will attract an investment of about ₹25,000 crore,” she said.

CNBC-TV18 has reached out to Adani Ports over the issue and is awaiting a comment from the company.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Adani Ports shares gain as analysts raise target post decent Q2 results. Should you buy this stock?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Adani Ports and Special Economic Zone Limited gained 1.5% in Friday’s opening trade as a couple of top brokerages recommended ‘Buy’ rating on the counter and some even raised their price targets after APSEZ reported a decent second-quarter with stable operational numbers.

At 10:08 am, the scrip was trading 0.83% higher at ₹812.90 apiece on the NSE. The Adani Ports stock has rallied 18% in the last six months.

Global brokerage firm Jefferies has maintained its ‘Buy’ rating on Adani Ports with an increased share price target of ₹985. CLSA finds the stock worth ₹878.

Jefferies has raised its FY24 to FY26 volume by 4% based on recently announced October 2023 volume run-rate. Additionally, it said the management is now confident of meeting the upper end of its FY24 9-15% year-on-year (YoY) volume growth guidance.

According to CLSA, Adani Ports’ mergers and acquisitions (M&A) strategy has paid a rich dividend. The CEO is resolutely focused on its next leg of growth, saying, “Will bring down net debt-to-EBITDA to 2.5 times in FY24.” The port operator’s net debt-to-EBITDA improved to 2.8 times from 3.1 times in March 2023.

Adani Ports posted a revenue growth of 28% in the September quarter, beating analysts’ estimates, even as profit was hurt by a MAT (Minimum Alternate Tax) credit write-off.

During the quarter, the port operator recorded a 17% year-on-year (YoY) growth in cargo volumes to reach 101.2 million metric tonnes (MMT) .

Adani Ports handled a total cargo volume of 37 MMT in October 2023, marking a strong 48% growth on a YoY basis.

APSEZ handled combined volumes of 240 MMT cargo in the seven months of the ongoing financial year 2024, while the recorded volume grew by approximately 15% on a YoY basis across the ports in India.

Both Mundra and non-Mundra port clocked strong growth across dry, liquid and container volumes. Overall volumes rose 28% YoY and 6% QoQ.

“With the completion of the Karaikal acquisition, the port is ramping up well, along with the newly acquired Haifa port, which managed 6.6 MMT in 1HFY24. The management continues to remain optimistic about achieving its higher end of FY24 cargo guidance,” said Motilal Oswal Securities while suggesting a target of ₹1,050 on the stock.

With operational ramp up at ports acquired in the last few years, Motilal expects APSEZ to register a 13% volume growth over FY23 to FY25. This would drive a compounded revenue, EBITDA, PAT of 20%, 17%, and 12%, respectively, over the same period.

Operating profit, calculated as EBITDA, shot up 27% on-year but dipped 3% QoQ as margin came in at 58.4% in the September quarter. The margins were adversely impacted by higher operating expenses.

The first half of this financial year 2023-24 has been strong for Adani Ports, and with this run-rate, analysts at Nuvama Institutional Equities believe that FY24’s operational metrics could overshoot management guidance.

Logistic footprint

The logistics business, Nuvama said, is sustaining rapid growth and has synergies with the port business.

“More importantly, the logistics business continues to outpace peers with a total of 10 MMLPs and two more to come during the year. With robust growth and prudent spending on capex, we expect the returns ratios and debt metrics to improve over the next couple of years,” it said.

On the logistics side, Nuvama said that Adani Ports aspires to achieve warehousing capacity of 60 million square feet with an annual addition of 10 million square feet. “Inorganic acquisition on the port side along with multi-fold capacity creation in the logistic business should unleash multi-year growth prospects for APSEZ,” the brokerage noted.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Adani Ports Q2 Results: Net profit remains flat, share of non-Mundra ports increases in cargo basket

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Adani Ports & Special Economic Zone Ltd. reported a 27.6% growth in its topline for the September quarter. It reported revenue of ₹6,646.4 crore, compared to ₹5,210.8 crore last year.

Operating profit or EBITDA grew by 35% from last year to ₹4,053 crore, while net profit grew by 4.2% to ₹1,747.8 crore.

EBITDA margin for the company expanded by 330 basis points from last year to 61%.

In October, Adani Ports reported a 48% growth in cargo volumes to reach record monthly volumes of 37 MMT. Between April-October this year, the company has handled 240 MMT of cargo, a growth of 18% year-on-year.

Non-Mundra ports of the company saw volumes grow by 15% from last year. Within the cargo basket, the share of non-Mundra domestic ports increased to 56% from 54% during the first half of financial year 2023.

Adani Ports’ Logistics rail volumes grew by 25% from last year to 2.79 Lakh Twenty Foot Equivalents or TEUs.

In the company’s notes to account, Adani Ports said that the Group owns a 70% stake of the Haifa Port, Israel and is closely monitoring the ongoing war situation. “The eventual impact, if any of which is uncertain non determinable as of now. As of the date of release of these results there is neither adverse impact on the operation nor any other material impact on consolidated financial results,” the statement said.

The company also berthed its first vessel at the Vizinjham port in October. The port will start commercial operations by the end of the current financial year.

During the quarter, Adani Ports concluded the buyback of two tranches of US Dollar-denominated bonds worth $325 million, which represents 50% of the principal repayment amount due in July 2024.

Shares of Adani Ports are down to the day’s low, currently trading 1.6% lower at ₹805.5. The stock is down 2.1% so far in 2023.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Adani Ports shares rise as US’ DFC to invest $553 mn in Adani Group’s Sri Lanka port

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Adani Ports and Special Economic Zone Limited, part of billionaire Gautam Adani’s conglomerate, gained over 2% on Wednesday after the US International Development Finance Corporation (DFC) announced that it will fund a project partly owned by the Adani Group.

US International DFC will invest $553 million in the Colombo port terminal project — a consortium of India’s largest port operator Adani Ports and SEZ Ltd, Sri Lanka’s leading enterprise John Keells Holdings (JKH) and the Sri Lanka Ports Authority.

“DFC, the US government’s development finance institution, partners with the private sector to finance solutions to the most critical challenges facing the developing world. It invests across sectors, including energy, healthcare, infrastructure, agriculture and small business and financial services,” Adani Ports said in a statement.

“This is the first time that the US government, through one of its agencies, is funding an Adani project, which is as a ringing endorsement of the Adani Group. It shows their confidence in the Group’s ability to invest and to create a world class container facility in Colombo Port,” it stated.

The investment assumes significance especially after US short-seller Hindenburg Research accused Adani of accounting fraud and artificially boosted its share prices, calling it a “brazen stock manipulation and accounting fraud scheme” and “the largest con in corporate history”.

The Adani Group, however, has firmly denied these allegations.

Hindenburg’s report wiped out billions of dollars from the conglomerate’s market value at one point.

“We welcome the association of the US International Development Finance Corporation (DFC), the US government’s development finance institution, in funding the Adani project – and we see this as a reaffirmation by the international community of our vision, our capabilities and our governance,” said Karan Adani, Whole Time Director and CEO, Adani Ports.

When completed, Colombo West International Terminal project will transform the socio-economic landscape, not just in Colombo but across the island, through thousands of direct and indirect new employment opportunities and by massively boosting Sri Lanka’s trade and commerce ecosystem, he said.

The Port of Colombo is the largest and busiest transshipment port in the Indian Ocean. It has been operating at more than 90% utilisation since 2021, signalling its need for additional capacity. The new terminal will cater to growing economies in the Bay of Bengal, taking advantage of Sri Lanka’s prime position on major shipping routes and its proximity to these expanding markets.

At 10:56 am, the Adani Ports scrip was trading 2.13% higher at Rs 814.55 apiece on the NSE. The stock has rallied nearly 20% in the last six months.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Adani Ports gains on record 48% growth in cargo volume in October

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Adani Ports and Special Economic Zone (APSEZ) Ltd shares gained more than 3% in trade on Friday after the company reported its highest-ever monthly cargo volumes in October.

The port operator handled a total cargo volume of 37 million metric tonnes (MMT) in October 2023, marking a strong 48% growth on a year-on-year (YoY) basis. This is the first time in Adani Ports’ history that the total cargo volume of the company’s portfolio of ports in India crossed the 35 MMT mark reaching 36 MMT, which indicates a growth of 43% on a YoY basis.

The Adani Group company’s Haifa port in Israel has recorded handling of more than 1.1 MMT of cargo in October, which is an improvement over the average cargo volume run rate witnessed over the past six months.

APSEZ handled combined volumes of 240 MMT cargo in the seven months of the ongoing financial year 2024, while the recorded volume grew by approximately 15% on a YoY basis across the ports in India.

The company handled a total of 5.5 MTEUs of containers in India over the seven-month period from April to October 2023, representing a 13% YoY growth and including 4.2 MTEUs at Mundra alone.

Adani Ports’ logistics business segment has reportedly delivered a record performance for the seven months of FY24, with rail TEU growing by 24% YoY and taking the total container volumes handled to approximately 328,000 TEUs.

“The improvement in cargo volumes is testimony to the success of three-prong business strategy with encompasses the focus on – higher operational efficiencies, integrated business model with an end-to-end service to our customers, and our long-term strategic partnership model with our stakeholders, including customers,” said Karan Adani, CEO and Whole Time Director of APSEZ, in a press release dated November 3, 2023.

Shares of APSEZ traded 2.73% higher at ₹795.25 per piece on BSE at 1:36 PM.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Foreign investors cut stake in most Adani Group companies in the September quarter

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Foreign Portfolio Investors (FPIs) have cut their exposure to most Adani Group companies in the September quarter, according to a CNBC-TV18 analysis of quarterly shareholding patterns updated on the exchanges.

Among the ten Adani Group companies listed on the exchanges, the flagship company Adani Enterprises has seen the biggest sequential drop in overseas holdings. FPIs have cut their stake in Adani Enterprises by 4.8 percentage points between July and September to 14.5% as of September 30.

Adani Ports & Special Economic Zone has seen its overseas holding decline to 13.8% in September from nearly 17% as of June. FPI stake in cement manufacturer ACC Ltd. has declined by nearly 3 percentage points to 7.1% as of September 30, according to the shareholder data.

Interestingly, half of these ten companies – Adani Ports, ACC, Adani Energy Solutions (Adani Transmission Earlier), Adani Wilmar and Adani Total Gas have been witnessing a drop in FPI holdings since the March quarter. Since March 2023, the FPI holding in Adani Ports and Adani Energy Solutions have come off by 4.2 and 3.3 percentage points respectively.

However, the combined FPI holding of these group companies has increased marginally to 14% in September from 13.7% in June. This is courtesy of GQG Partners, who acquired 8.1% stake in Adani Power in one of the largest block deals in mid-August. The stake was purchased from Adani family entities – Worldwide Emerging Market Holding and Afro Asia Trade and Investments Ltd.

Barring Adani Power and NDTV, all group companies have registered a drop in foreign holdings during the September quarter. Overseas investors had pulled out $2.3 billion worth of shares from Indian equity market during the month of September after consistently buying between March and August.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Adani Ports shares jump as CLSA sees ‘buying opportunity’ amid fears of Israel-Hamas war

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of billionaire Gautam Adani’s Adani Ports and Special Economic Zone Ltd rallied 3% in trade Tuesday (October 10) as global brokerage firm CLSA continue to be bullish on the blue-chip player amid a conflict in Israel. It said that war fears presents an even better buying opportunity.

CLSA has suggested a ‘buy’ on the counter, with a target price of Rs 878 per share, indicating an upside potential of 8% from the current market levels.

Haifa’s contribution to Adani Ports‘ numbers is “relatively small” at 3% of the total cargo volume. The global brokerage said that the port is a profit-making area focused on bulk and containers. “There is a scope for operating leverage by reducing employee costs,” it said.

CLSA said the company expects a pay-back of 4 to 6 years under worst case scenarios. Further, it noted that the Israel-Palestine conflict has caused a 5% fall in stock for a 1.3% value for Haifa Port.

Meanwhile, domestic brokerage house Motilal Oswal has initiated a ‘buy’ on Adani Ports, with a target price of Rs 1,010. The brokerage believes cash flow generation will remain strong with controlled debt despite acquisitions.

“Improved reach, strategic port locations, operational efficiencies, and a comprehensive range of integrated service offerings (logistics, SEZs, etc.) have contributed to the company’s remarkable growth,” Motilal said.

Adani Ports continues to be in focus over mounting concern for the fate of the Haifa Port, which the Gautam Adani-led company controls in northern Israel after the Hamas-led attack on Israel triggered a geopolitical instability in the region.

Adani Ports in a statement said that it is closely monitoring the conflict in Israel and is prepared with a business continuity plan.

“We are closely monitoring the action on ground which is concentrated in South Israel, whereas Haifa Port is situated in the North. We remain fully alert and prepared with a business continuity plan that will enable us to respond effectively to any eventuality,” it said.

Adani operates the Haifa Port in northern Israel along with a local company after it completed its purchase for 4 billion shekels ($1.03 billion) in January 2023.

Haifa is one of the main seaports in Israel, where about 99% of all goods move in and out of the country by sea.

Investor worries come as Palestinian Islamist group Hamas on Saturday launched the largest military assault on Israel in decades, killing hundreds of Israelis.

“The next couple of months are going to be volatile for Adani Ports as the war has just started and will trade with a negative bias … Besides, it is not just Israel and Iran, but commodity prices will also get impacted,” according to Avinash Gorakshakar of Profitmart Securities.

At 9:55 am, the scrip was trading 2.81% higher at Rs 812.25 apiece on the NSE. The Adani Ports stock is down 2.1% this year, compared with nearly 8% gains in the broader Nifty 50 index.

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Adani Ports shares plunge 4% as Israel goes to war with Hamas

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The fallout from Saturday’s surprise attack on Israel by the Palestinian group Hamas reverberated through markets, sending the Adani Ports and Special Economic Zone stock sliding 4 percent. Adani Ports had acquired Israel’s Haifa port for $1.2 billion in July, 2022.

The Port of Haifa is the second largest port in Israel in terms of shipping containers and the biggest in shipping tourist cruise ships.

“We are closely monitoring the action on ground which is concentrated in South Israel, whereas Haifa port is situated in the North. We remain fully alert and prepared with a business continuity plan that will enable us to respond effectively to any eventuality,” said Adani Ports spokesperson.

Adani Ports in partnership with local chemicals and logistics group Gadot in July last year won an Israel government’s tender to buy the Haifa Port, a major trade hub on Israel’s Mediterranean coast.

The ports-to-power conglomerate has vowed to transform the skyline of this Mediterranean city as part of its decision to invest more in the Jewish nation, including opening an artificial intelligence lab in Tel Aviv.

Adani’s company has no holdings in the West, so its entry into Israel is a signal for increased maritime traffic between Asia and Europe, and the major Asian players’ need for a hub in the Mediterranean.

“The acquisition of the Haifa port also comes with a significant amount of real estate. And I promise you that in the years to come we will transform the skyline we see around us,” said Adani, the founder and chairman of the group.

“The Haifa of tomorrow will look very different from the Haifa that you see today. With your support – we will deliver on this commitment and do our part to transform this city,” he had said.

The overall contribution of Haifa in APSEZ’s numbers stood at 3 percent of the total cargo volume. “For the current fiscal, we have guided for Haifa Cargo volumes range of 10-12 MMT and APSEZ’s total cargo volume guidance of 370-390 MMT,” the group said.

In the initial six months of April-September 2023, APSEZ’s total cargo volume was 203 MMT, of which the Haifa share is 6 MMT.

Adani Ports stock performance

Having plunged to as low as Rs 462.45 in February after Hindenburg’s allegations, the stock has recovered 73 percent. At 11:05 am on Monday (October 9), the scrip was trading 3.64 percent lower at Rs 800.50 apiece.

The Hindenburg Research report, published late January, alleged accounting fraud, stock price manipulation and improper use of tax havens by the Adani group companies, triggering a $150 billion rout in the group market capitalisation earlier in 2023.

The group maintained that the report by the US-based short seller was a “deliberate and malicious attempt” aimed at damaging the reputation of the group and generating short-term profit by driving down Adani group stocks.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Adani Ports’ cargo volume touches lifetime high in first half of the fiscal, sees 26% rise in Sept

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Adani Ports shares gained almost a percent in early trade on October 3, after the firm said it recorded a 26 percent year-on-year jump in cargo volume in September.

“During September 2023, APSEZ (Adani Ports and Special Economic Zone) recorded cargo volumes of 32.8 MMT (+26 percent YoY) with all key ports delivering double-digit growth,” the port services company said in an exchange filing. The growth was contributed by all three cargo types — dry bulk (32 percent), containers (20 percent) and liquids and gas (+21 percent).

Adani Ports’ total cargo for the first half of the 2023-24 fiscal reached 202.6 million metric tonnes (MMT), thereby crossing the 200 MMT milestone in the initial six months of the year, according to the filing.

The company said all key ports in the APSEZ portfolio led to the growth with container cargo witnessing an increase of 18 percent to 74.8 MMT and dry bulk recording growth of 10 percent to 106.3 MMT.

“Logistics business continues to record significant growth, with the highest-ever half-yearly rail volumes of 279,177 TEUs (+25 percent YoY) and GPWIS volumes of 8.92 MMT (+42 percent),” the firm added.

Meanwhile, the private ports operator last week commenced a cash tender offer for up to $195 million to partly prepay its near-term debt maturities. The firm has started the tender offer to buy the outstanding 3.375 percent senior notes due in 2024 for up to $195 million in cash, billionaire Gautam Adani-led company said in a regulatory filing.

Bond buybacks allow companies to repurchase debt through tender offers to bondholders, enabling them to retire some or all of the securities ahead of their due date.

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The purpose of Adani Ports’ tender offer is to partly prepay near-term debt maturities. Following the successful completion of this tender offer, the company expects $325 million notes to remain outstanding, it said.

This is the Adani Ports’ second tranche of the bond-purchase programme after it settled notes worth $130 million in May this year.

Adani Ports shares were trading 0.93 percent higher at Rs 831.90 on BSE at 10:15 am. Though the stock has gained only 0.64 percent in 2023 (year-to-date), in the past six months, it has made investors 31 percent richer as against benchmark Sensex which has risen about 10 percent during the period.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow