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Fundamental Analysis : Adani Ports & Special Economic Zone Ltd

Adani Ports & Special Economic Zone is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to Port at Mundra.
Adani Ports and Special Economic Zone Limited (APSEZ) is India’s largest commercial port operator and integrated logistic player in the country. The Company is promoted by the Adani Group, which has interests across resources (coal mining and trading), logistics (ports, logistics, shipping and rail), energy (renewable, thermal power generation and transmission), agro commodities and ancillary industries.

Market Cap
₹ 149,588 Cr.
Current Price
₹ 736
High / Low
₹ 768 / 239
Stock P/E
37.0
Book Value
₹ 137
Dividend Yield
0.43 %
ROCE
11.4 %
ROE
15.2 %
Face Value
₹ 2.00
Price to book value
5.38
EPS
₹ 19.9
High price all time
₹ 768
Low price all time
₹ 50.0
Return over 1month
0.88 %
Return over 3months
46.1 %
Return over 6months
108 %
Earnings yield
4.03 %
Sales
₹ 11,863 Cr.
Debt
₹ 34,367 Cr.
Enterprise Value
₹ 173,757 Cr.
Profit Var 5Yrs
10.6 %
Profit Var 3Yrs
-0.53 %
Reserves
₹ 27,374 Cr.
Promoter holding
63.7 %
Debtor days
98.4
Debt To Profit
9.13
Qtr Sales Var
12.3 %

  • Company's median sales growth is 27.38% of last 10 years
  • Dividend set at 20% to 25% of Profit After Tax (PAT) to be paid out as dividend or capital return (share buyback) or a combination.
  • Stock is trading at 5.38 times its book value
  • Company might be capitalizing the interest cost
  • Promoters have pledged 38.15% of their holding.
  • Construction of first international container terminal at Myanmar – to commence operation by January FY21. 
  • Acquired 75% controlling stake at Krishnapatnam Port Company Limited.
  • Dighi Port acquisition – NCLT approved APSEZ’s R-plan, IMC formed to run the affairs, to be completed by Q3FY21.
Mundra Port 
• Deep-water, all-weather, berthingon-arrival port in the Gulf of Kutch 
• 26 berths and two single-point moorings with an annual capacity to handle 248.82 MMT cargo with dedicated terminals for different cargo and commodity types 
• World’s largest coal import terminal 
• Equipped to handle dry bulk, break bulk, project cargo, liquid, containers, automobiles and crude 
• Well connected to the Indian National Highway (NH) network through State Highway 48 via Anjar and State Highway 6 
• Natural gateway to the cargo hubs in northern and western hinterlands of India 
• Five additional services introduced during the year, will add 2,30,000 TEUs annually 
• LNG operations commenced in January 2020 
• Cargo volume growth up by 1%, container volume up by 6%

Dhamra Port 
• A deep-water, all-weather multiuser, multi-cargo port situated on the east coast of India between Haldia and Paradeep ports 
• Four berths with an annual capacity to handle 45 MMT cargo 
• Equipped to handle dry bulk, break bulk, project cargo and containers 
• Proximity to the mineral belts of Odisha, Jharkhand and West Bengal helps serve hinterlands with efficiency 
• Potential to handle 100+ MMTPA of dry bulk, liquid bulk, break bulk, containerised and general cargo in near future 
• Rapid loading silos with capacity of up to 4,000 TPH 
• Started handling project cargo, steel billets, gypsum, fertilisers and clinkers by road.

Hazira Port 
• Deep-water port located in the Gulf of Khambat, Surat, Gujarat 
• Six berths with an annual capacity to handle 30 MMT cargo 
• Equipped to handle dry bulk, break bulk, project cargo, liquid, containers and automobiles 
• Convenient, international trade gateway to Europe, Africa, America and the Middle East 
• Potential to handle 75 MMTPA of cargo in the coming years 
• One new service in container, namely ‘Indian West Coast Service’, added 
• Additional liquid tank farm capacity operationalised, and 54,000 KL completed.

Dahej Port 
• Deep-water, multi-cargo port in the Gulf of Khambat, Bharuch, Gujarat 
• Capacity to handle 14 MMTPA with two dry and break bulk berths and dedicated facilities for handling project cargo 
• Equipped to handle all kinds of dry bulk and break bulk cargo, including coal, fertiliser, agri products, steel cargo and minerals, among others 
• Well connected to the National Highway 8, through a six-lane State Highway 6 
• Connected to contiguous industrial hubs of Gujarat, Maharashtra and eastern Madhya Pradesh 
• Ro-Ro Jetty for project cargo movement, 9.8 km long fully integrated high-speed conveyor 
• Entered into medium term contract to handle coal for a cement company.

Kattupalli Port 
• Located on the Coromandel coast about 24 km north of Chennai Port, Chennai 
• Two berths with 710 quay length with an annual capacity to handle 18 MMT cargo 
• Equipped to handle containers, break bulk and project cargo 
• Equipped with Dynamic Parcel Distribution (DPD) warehouse within the container yard to provide seamless movements for Authorised Economic Operator (AEO) and DPD consignments 
• Has an off-dock Container Freight Station (CFS) with 45,000 square feet of closed warehouse 
• Liquid terminal operations commenced and handled 80,000 tonnes of cargo 
• EBITDA margins improved by 200 bps due to change in cargo mix and operational efficiency.

Tuna Terminal 
• Tuna Port is an all-weather, berthing-on-arrival port located off Tekra, Kandla Creek, Gujarat 
• With a capacity of 14 MMTPA and a draft of 16.2 mts, Tuna Port is capable of handling 13,000 DWT vessels at berth.
• Equipped to handle all kinds of dry bulk and break bulk cargo, including coal, fertiliser, agri products, steel, cargo and minerals, among others 
• Well-connected to the National Highway 8A, a link to the Mumbai-Delhi corridor 
• Equipped with high capacity Liebherr cranes and hoppers, fully integrated high-speed conveyor system.

Mormugao Terminal 
• Located on the west coast of India 
• One berth terminal with an annual capacity to handle 5.20 MMT cargo 
• Permitted to handle coal cargo, adequate infrastructure to handle Panamax and capsize vessels 
• Strategic location advantage for Maharashtra and Karnataka hinterlands 
• Fully mechanised material handling system consisting of conveyor systems and stacker-andreclaimers with stacking capacity of 5,000 TPH and reclaiming capacity of 2,500 TPH.

Ennore Terminal 
• A contemporary terminal located in the northern suburbs of Chennai, poised to act as an ideal alternative gateway for Chennai 
• World-class container terminal with an annual capacity to handle 12 MMT cargo 
• The intrinsic strength of Ennore Port is its well-integrated environment, which facilitates the management’s faster decision-making to rev up operational responsiveness.

Vizag Terminal 
• Located on the East coast of India 
• One berth located in northern arm of the inner harbour of Vishakhapatnam Port Trust with a capacity to handle 6 MMTPA 
• Permitted to handle coal cargo and capable of berthing Panamax vessels 
• Strong rail-road connectivity to the hinterlands of Andhra Pradesh, Telangana, Chhattisgarh and Odisha 
• Has a 280 m berth, two harbour mobile cranes, a 2.22 km conveyor, two stacker-and-reclaimers with mechanised wagon loading facility and large storage land.

Vizhinjam Port 
• Deep draft, all-weather port located in South Kerala 
• Major economic gateway that caters to the land-locked northern hinterland of India with multimodal connectivity 
• Only port in the country with handling and storage facilities for crude oil, containers, dry bulk, break bulk, automobiles and liquid cargo 
• Can berth the largest post Panamax vessel and can handle four million TEUs.

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