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Adani Ports & Special Economic Zone 

APSEZ Q3 FY24 PAT jumps 65% Y-o-Y

Ahmedabad

1 February 2024

EBITDA grows 59% to Rs 4,293 Cr & Leverage at 2.5x Net Debt to EBITDA
  • Volume grew 44% Y-o-Y to 108.6 MMT
  • Revenue grew by 45% Y-o-Y to Rs 6,920 Cr
  • EBITDA jumps 59% Y-o-Y to Rs 4,293 Cr
  • PAT increased by 65% Y-o-Y to Rs 2,208 Cr
  • Net Debt to EBITDA for TTM Dec’23 at the guided level of 2.5x vs 3.1x in FY23
  • S&P Global ratings upgraded the outlook of APSEZ to Stable from Negative

Adani Ports and Special Economic Zone Ltd (“APSEZ”) today announced its results for the quarter and nine months ending 31 December, 2023.

# EBITDAincludes the impact of forexMTM gain or loss. In Q3 FY24, forex gain is Rs 107 Cr and in Q3 FY23, forex loss is Rs 315 Cr. In 9M FY24, forex loss is Rs 98 Cr and in 9M FY23, forex loss is Rs 1,886 Cr. ** Based on estimated future profits, APSEZ has elected to switch to the new tax regime (u/s 115 BAA of the IT Act) for one of its subsidiaries, AKPL, in Q2 FY24. Consequently, the past years MAT was written-off, which has reduced the PAT by Rs 455 Cr.

“In the year when our first port, Mundra, completed 25 years of operation, APSEZ recorded its strongest ever Q3 and 9M performance with the highest ever revenue, EBITDA, and cargo volumes, and is on course to overachieve its full year guidance provided at the start of the year. This is a testament to our continuous efforts to drive operating efficiencies and remain an industry leading port operator,” said Mr. Ashwani Gupta, CEO, APSEZ.

Operational Highlights:

  • APSEZ achieved its highest-ever quarterly cargo volume of 108.6 MMT
  • Mundra, our flagship port, recorded highest-ever monthly volume at any Indian port in Oct’23 & AICTPL (CT-3) recorded India’s highest monthly container volume in Nov’23
  • APSEZ achieved a key milestone of 300 MMT in 266 days vs 329 days in FY23; overall cargo volume was ~311 MMT in 9M (+23% YoY)
  • Domestic cargo growth was over 2.5x India’s growth rate, with nine of our domestic ports/terminals recording their highest ever cargo volumes in 9M
  • Quarterly rail volumes grew 17% Y-o-Y to 157,904 TEUs and GPWIS volumes jumped 53% Y-o-Y to 5.29 MMT
  • APSEZ recorded its highest-ever rail (+22%) and GPWIS (+46%) volumes in 9M

Financial Highlights:

  • Increase in cargo volume during the quarter (+44% Y-o-Y) led to revenue growth of 45% Y-o-Y to Rs 6,920 Cr in Q3 FY24
  • Domestic port EBITDA margin expansion by around 170 bps, along with improved efficiencies and capacity utilization, led to 59% Y-o-Y growth in EBITDA to Rs 4,293 Cr
  • Healthy cargo volume growth led to record PAT of Rs 2,208 Cr (+65% Y-o-Y) during the quarter
  • Bond buy-back of USD 325 million concluded during 9M FY24, leading to improvement in Net Debt to EBITDA (for TTM Dec’23) to 2.5x vs 3.1x for FY23

Business Highlights:

  • Strategic partnership with MSC by forming a JV for Ennore Container Terminal
  • Completed acquisition of Karaikal Port and sale of Myanmar asset
  • ALL added 23 rakes, Loni & Valvada ICD, and warehouses at NRC and Indore
  • Colombo terminal received financing commitment of USD 553 million from DFC

ESGTargets and Performance:

APSEZ is targeting Net Zero by 2040. During 9M FY24, the company improved its energy intensity by 4% and completed mangrove afforestation of 227 hectares. The company is on track to add 1,000 MW of new renewable capacity in 2024.

Awards and Accolades:

  • APSEZ won the ‘Non-Major Port of the Year’ award at the "Maritime and Logistics Awards 2023" held in Mumbai.
  • Mundra Port was chosen as the ‘Port of the Year – Containerised Cargo’ at the “EXIM Star Awards”.

Adani Ports & Special Economic Zone Limited   

Adani Ports and Special Economic Zone Limited (APSEZ) is a part of the diversified Adani Group, one of India’s leading business houses. It has evolved from a port company to an integrated transport utility, providing end-to-end solutions from the port gate to the customer’s gate. It is India’s largest port developer and operator with six strategically located ports and terminals on the west coast of India (Mundra, Dahej, Tuna and Hazira in Gujarat, Mormugao in Goa and Dighi in Maharashtra) and six ports and terminals on the east coast (Dhamra in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry). APSEZ has the capability to handle vast amounts of cargo from both coastal areas and the hinterland, and accounts for around 26% of the country’s port volumes. The company is also developing two transshipment ports at Vizhinjam in Kerala and Colombo in neighboring Sri Lanka. APSEZ’s ports-to-logistics platform, comprising port facilities and integrated logistics capabilities, including multimodal logistics parks, Grade A warehouses and industrial economic zones, puts it in an advantageous position as India stands to benefit from an impending overhaul in global supply chains. APSEZ aims to be the largest ports and logistics platform in the world in the next decade. APSEZ is the first Indian port and the third in the world to sign up for the Science-Based Targets Initiative (SBTi), committing to emission reduction targets to control global warming at 1.5°C above pre-industrial levels with a vision to turn carbon neutral by 2025.

  

For more information, please visit www.adaniports.com 

For media queries, contact Roy Paul: roy.paul@adani.com 

For investor queries, contact Charanjit Singh: charanjit.singh@adani.com