Hindenburg-Adani Group Row: Adani Ports Q3 Net Profit Down at Rs 1,336.51 Crore
Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday said it closed the third quarter of FY23 with a lower net of Rs 1,336.51 crore. The company is mulling loan repayment/prepayment of Rs 5,000 crore during next fiscal, said a top official.
Chennai, February 7: Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday said it closed the third quarter of FY23 with a lower net of Rs 1,336.51 crore. 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). Adani Group Crisis: Seven Adani Stocks Faced Regulatory Surveillance Since 2019 for Price Rise and Fall, Other Issues, Says Market Data.
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). Stock Market: Most Adani Group Firms Rise in Late Morning Trade, Adani Enterprises Gains 14%.
"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.
(The above story first appeared on LatestLY on Feb 07, 2023 04:38 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).