EM ASIA CREDIT: FY Results: Adani Ports (ADSEZ, Baa3/BBB-/BBB-) - Beat
May-01 07:56
FY results strong, positive for spreads.
- Adani Ports is India's largest commercial port operator, with 15 ports and a capacity of 633mmt, has reported its FY25 results. Reported EBITDA is up +20% YoY to INR190bn and ahead of guidance and consensus (INR185bn). Positive for spreads.
- Cargo volumes handled in the year were 450mmt (+7% YoY), mainly from containers (+20% YoY) plus liquids and gas (+9% YoY). In terms of credit metrics, reported leverage is down from 2.4x in FY24 to 1.9x in FY25, with the company guiding for leverage as high as 2.5x in FY26. FFO interest coverage was 7.1x versus 5.6x in the year ago period.
- For FY26 guidance, the company calls for EBITDA in a range of INR210bn to INR220bn, with cargo volumes at 505-515mmt.
- Finally, in terms of the US DOJ investigation into Adani group individuals, which has been the main driver of spread volatility in the name, the company states that while the indictment relates to an executive director the firm itself is not named and therefore see no financial impact on results.
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MNI: GERMANY MAR FINAL MANUF PMI 48.3 (FLASH: 48.3); FEB 46.5
Apr-01 07:55
- MNI: GERMANY MAR FINAL MANUF PMI 48.3 (FLASH: 48.3); FEB 46.5
ITALY DATA: Very little positive in the PMI manufacturing report
Apr-01 07:49
Nothing particularly positive in the Italian PMI manufacturing press release. It missed expectations by 1.4 points, falling to 46.6 from 47.4 (against an expected increase to 48.0). And most of the details were diappointing. The following highlights from the press release:
- "Production volumes were lowered once again and at the fastest rate for four months.
- "New orders continued to decrease at a sharp and steady pace
in March, keeping firms in retrenchment mode." - "Sustained reduction in headcounts amid signs of excess capacity"
- "Charges up after six months of discounting and despite softer cost pressures"
MNI: ITALY MAR MANUFACTURING PMI 46.6 (FCST: 48.0); FEB 47.4
Apr-01 07:45
- MNI: ITALY MAR MANUFACTURING PMI 46.6 (FCST: 48.0); FEB 47.4
