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In May 2022, APSEZ announced signing of a share purchase agreement (SPA) for the sale of Myanmar Port. The SPA had certain condition precedents (CPs), including completion of the project and relevant approvals for smooth conduct of business by the buyer. Given the continuous delay in the approval process and challenges in meeting certain CPs, thereby the solar energy and APSEZ have renegotiated the sale consideration to $30 million. The Solar Energy will pay the said amount to the APSEZ within 3 business days on completing all the necessary compliance by the APSEZ. On receipt of the total transaction value, APSEZ shall transfer the equity to the Solar Energy and its exit will stand concluded. Karan Adani, CEO and whole-time director, APSEZ stated This exit is in line with the guidance provided by the APSEZ Board based on the recommendations made by the Risk Committee in October 2021. Meanwhile, the company handled 32.3 MMT of total cargo in April 2023, implying a YoY growth of 12.8%. The growth in cargo volumes was supported by dry cargo volumes increase of 9% (iron ore 64%, non-coking coal 22%, and coastal coal 67%) and container volume increase of 13.6%. Four ports recorded significant sequential growth in monthly volumes. These include Krishnapatnam (5.2 MMT, up 22.6%YoY), Dhamra (3.3 MMT, up 36.8%YoY), Tuna (1.15 MMT, up 57.6%YoY), and Katupalli & Ennore combined (1.7 MMT, up 13.3%). Adani Ports & Special Economic Zone (APSEZ) is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to port at Mundra. The company's consolidated net profit declined 16.05% to Rs 1,315.54 crore as against Rs 1,567.01 crore posted in Q3 FY22. Revenue from operations stood at Rs 4,786.17 crore in the quarter ended 31 December 2022, registering a growth of 17.54% to Rs 4,071.98 crore reported in Q3 FY22. The scrip was up 0.69% to Rs 674.50 on the BSE. Powered by Capital Market - Live News |