InCred Equities - Adani Ports & Special Economic Zone Ltd

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	208,519	267,106	304,693	346,265
Operating EBITDA (Rsm)	128,335	158,639	183,264	208,162
Net Profit (Rsm)	53,103	80,292	104,795	129,656
Core EPS (Rs)	38.1	39.7	48.5	60.0
Core EPS Growth	43.8%	4.1%	22.2%	23.7%
FD Core P/E (x)	33.84	32.50	26.58	21.49
DPS (Rs)	5.0	6.0	4.2	6.1
Dividend Yield	0.47%	0.57%	0.40%	0.58%
EV/EBITDA (x)	25.12	20.10	16.80	14.18
P/FCFE (x)	(27.19)	109.21	34.04	29.84
Net Gearing	97.1%	70.9%	45.3%	21.1%
P/BV (x)	6.11	5.26	4.47	3.78
ROE	19.4%	17.4%	18.2%	19.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	208,519	267,106	304,693	346,265
Gross Profit	151,974	195,942	222,855	252,151
Operating EBITDA	128,335	158,639	183,264	208,162
Depreciation And Amortisation	(34,232)	(38,885)	(40,800)	(42,120)
Operating EBIT	94,103	119,755	142,464	166,042
Financial Income/(Expense)	(10,401)	(12,850)	(9,897)	(2,005)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	83,701	106,905	132,568	164,037
Exceptional Items	(28,809)	(6,782)
Pre-tax Profit	54,892	100,122	132,568	164,037
Taxation	(964)	(19,897)	(27,839)	(34,448)
Exceptional Income - post-tax
Profit After Tax	53,928	80,225	104,729	129,590
Minority Interests	(826)	67	67	67
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	53,103	80,292	104,795	129,656
Recurring Net Profit	81,406	85,726	104,795	129,656
Fully Diluted Recurring Net Profit	81,406	85,726	104,795	129,656

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	128,335	158,639	183,264	208,162
Cash Flow from Invt. & Assoc.
Change In Working Capital	25,421	11,393	5,314	1,658
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(28,809)	(6,782)
Other Operating Cashflow
Net Interest (Paid)/Received	(10,401)	(12,850)	(9,897)	(2,005)
Tax Paid	(12,661)	(18,887)	(16,832)	(34,448)
Cashflow From Operations	101,884	131,513	161,850	173,368
Capex	(230,622)	(103,581)	(30,000)	(30,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(16,254)	32,979
Cash Flow From Investing	(246,876)	(70,603)	(30,000)	(30,000)
Debt Raised/(repaid)	43,663	(35,401)	(50,000)	(50,000)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(12,885)	(13,177)	(26,929)	(16,095)
Preferred Dividends
Other Financing Cashflow	51,781	(5,771)	(165)	34
Cash Flow From Financing	82,559	(54,349)	(77,094)	(66,061)
Total Cash Generated	(62,433)	6,561	54,756	77,306
Free Cashflow To Equity	(101,329)	25,509	81,850	93,368
Free Cashflow To Firm	(119,055)	88,754	158,118	166,635

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	42,488	76,319	127,257	205,394
Total Debtors	32,417	36,669	48,751	55,402
Inventories	4,520	4,375	6,094	6,925
Total Other Current Assets	125,835	113,856	130,572	144,295
Total Current Assets	205,259	231,220	312,673	412,017
Fixed Assets	761,080	826,341	815,541	803,421
Total Investments	75,865	42,887	42,887	42,887
Intangible Assets	69,634	69,069	69,069	69,069
Total Other Non-Current Assets
Total Non-current Assets	906,579	938,297	927,497	915,377
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	93,612	93,154	167,581	190,446
Other Current Liabilities	9,422	11,777
Total Current Liabilities	103,034	104,931	167,581	190,446
Total Long-term Debt	498,193	462,792	412,792	362,792
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	6,331	7,032	6,532	6,032
Total Non-current Liabilities	504,524	469,824	419,324	368,824
Total Provisions	35,059	49,332	22,512	22,512
Total Liabilities	642,617	624,087	609,417	581,781
Shareholders Equity	455,836	529,448	623,126	736,687
Minority Interests	13,385	15,982	7,628	8,926
Total Equity	469,221	545,430	630,754	745,612

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	37.7%	28.1%	14.1%	13.6%
Operating EBITDA Growth	34.2%	23.6%	15.5%	13.6%
Operating EBITDA Margin	61.5%	59.4%	60.1%	60.1%
Net Cash Per Share (Rs)	(210.96)	(178.91)	(132.18)	(72.86)
BVPS (Rs)	211.02	245.10	288.46	341.03
Gross Interest Cover	3.63	4.30	5.42	7.14
Effective Tax Rate	1.8%	19.9%	21.0%	21.0%
Net Dividend Payout Ratio	12.7%	11.8%	6.7%	7.8%
Accounts Receivables Days	49.99	47.20	51.16	54.89
Inventory Days	26.89	22.81	23.35	25.25
Accounts Payables Days	483.58	478.96	581.44	694.27
ROIC (%)	13.3%	13.4%	15.1%	18.4%
ROCE (%)	12.0%	13.4%	15.2%	17.1%
Return On Average Assets	9.2%	10.5%	11.8%	12.9%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

(91) 22 4161 1500 shivam.agarwal@incredresearch.com

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Market Data

Source: Bloomberg