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Adani Ports and Special Economic Zone Ltd.’s Q4 FY21 operational performance was strong and in-line with our estimates.
Profit after tax grew 285% year-on-year on a low base to Rs 12.9 billion (our estimate: Rs 12.6 billion).
Cargo (including Krishnapatnam port) grew 26.3% YoY to 73 metric tonne.
Port revenue/Ebitda grew 30%/41.6% YoY to Rs 31.2 billion/ Rs 21.7 billion (in-line).
Port Ebitda margin grew 12.1% YoY to Rs 297/metric tonne while in percentage terms expanded 570 basis points YoY to 69.4%.
Free cash in FY21 (net of interest, net working capital and capex) grew 47% to Rs 58 billion.
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