Adani Ports Q3 net down at Rs 1,336.51 crore - Chennai News
by IANS | Updated Feb 07, 2023
The company is mulling loan repayment/prepayment of Rs 5,000 crore during next fiscal, said a top official.
The company said for the quarter ended December 31, 2022, it had earned a consolidated operational revenue of Rs 4,781.71 crore (Q3FY22 Rs 4,071.98 crore) and a net profit of Rs 1,336.51 crore (Rs 1,535.28 crore).
According to APSEZ, its net profit for the period under review was lower as compared to previous year's corresponding period due to a higher forex mark-to-market loss (Rs 315 crore in 3Q FY23 versus Rs 13 crore in 3QFY22).
"Continuing with our growth journey, APSEZ is targeting FY24 EBITDA of Rs 14,500-15,000 crore. Besides an estimated capital expenditure of Rs 4,000-4,500 crore, we are considering total loan repayment and prepayment of around Rs 5,000 crore, which will significantly improve our net debt to EBITDA ratio and bring it closer to 2.5x (2.5 times) by March 24," said Karan Adani CEO and Whole Time Director.
Referring to a short-seller's allegations against the group companies of irregularities, APSEZ said no financial adjustments are needed to the quarterly/half yearly results of the companies and its subsidiaries.
"The management will further evaluate an independent assessment of the matter, if required," APSEZ said.
- Sebi 'fully equipped', could set up a panel of experts, Centre to SC on Adani issue
- Essar Oil & Gas Exploration & Production achieves highest ever revenue and EBIDTA
- Renault Nissan to invest $600 million, launch six new models (Lead)
- Inflation-linked road toll rate hike to be modest in FY24: ICRA
- Homegrown EV mobility solutions provider Magenta Mobility raises $40 mn
- Researcher says PokerBaazi exposed users' information, platform denies data breach (Lead)
- Piyush Goyal directs FCI to open more procurement centres in UP
- IIT-K unveils breakthrough in coal/mineral transportation
- Mumbai airport records surge in passenger movement, traffic up by 149% in Jan
- Tesla adjusts its EV pricing for 4th time in US