Adani Ports and Special Economic Zone Limited (APSEZ) today announced its results for the quarter and nine months ending 31^st December 2024.

1. EBITDA excludes impact of forex on relevant balance sheet items as 31^st Dec ’24 and 31^st Dec ‘23

2. During 9M FY24, APSEZ elected to switch to the new tax regime (u/s 115 BAA of the Income Tax Act) for one of its subsidiaries, AKPL. Consequently, the past years’ MAT was written-off, which reduced the PAT for previous period by Rs. 455 Cr

Strategic highlights

• Started Trucking Management Solution (TMS), a technology platform that acts as a transformational marketplace + fulfilment solution to streamline supply chain for customers
• TMS offers an easy-to-use marketplace interface, handles end-to-end trucking workflows, can be seamlessly integrated with client systems, enables real-time tracking, and includes analytical tools for pricing and operational insights. TMS incorporates SLA-based fulfilment assurance across a wide range of fleet options, including full-load and partial-load shipments
• Closed Gopalpur and Astro Offshore transactions worth over Rs 4,600 crores
• Signed 30-year concession agreement to manage container terminal at Dar es Salaam Port, Tanzania
• Vizhinjam port commenced commercial operations, post extensive trials. During the trial period, the port handled 70+ vessels and 147,000+ containers
• Commenced O&M operations at Syama Prasad Mookerjee Port’s Netaji Subhas dock
• Placed India’s largest order for eight harbour tugs with Cochin Shipyard. The contract value is estimated at Rs 450 crores and deliveries are scheduled to begin in December 2026 and continue until May 2028

Operational highlights

• APSEZ clocked 332 MMT (+7% YoY) cargo volume in 9M FY25 led by growth in containers (+19% YoY), liquids and gas (+8% YoY) and dry and dry bulk cargo (iron ore, limestone, minerals, coking coal, etc.), partially offset by decline in imported non-coking coal
• All-India cargo market share for 9M FY25 stood at 27.2% (up from 26.5% in FY24). Container market share for 9M FY25 stood at 45.2% (up from 44.2% in FY24)
• Logistics continued to demonstrate momentum with growth across container volume (0.48 Mn TEUs, +9% YoY), bulk cargo (16.1 MMT, +13% YoY) and container volume handled at MMLPs (3,33,419 TEUs, +19% YoY)
• During November ’24, Mundra handled 396 vessels and executed 845 vessel movements, making it the highest ever monthly achievement by the port. Mundra port also exported a record breaking 5,405 cars in a single consignment during the month
• Gangavaram port launched container terminal operations with the inaugural EXIM vessel call of MV Synergy Keelung

Financial highlights

• Operating revenue grew by 14% YoY to Rs 22,590 crores. Ports revenue increased by 11% YoY to Rs 17,172 crores; Logistics revenue increased by 22% to Rs 1,852 crores
• EBITDA (excluding forex) increased 19% to Rs 14,019 crores. EBITDA margin increased to 62% (from 60% during 9M FY24).
• FY25 EBITDA guidance revised to Rs 18,800-18,900 crores
• APSEZ continues to maintain excellent financial discipline - net debt to TTM EBITDA stood at 2.1x (vs 2.3x in FY24)
• ICRA Limited reaffirmed the credit rating of long-term - fund based/non-fund-based limit and non-convertible debentures as [ICRA] AAA; stable and commercial paper as [ICRA] A1+
• India Ratings & Research reaffirmed the credit rating of non-convertible debentures and bank loans (long-term) as IND AAA/Stable and commercial paper and bank loans (short-term) as IND A1+
• S&P Global Ratings reaffirmed its rating at BBB- and revised outlook to “Negative” during the quarter. Moody’s Ratings reaffirmed investment grade rating ‘Baa3’ and revised its outlook to negative during the quarter
• Fitch Ratings reaffirmed APSEZ rating at BBB- and placed the long-term foreign-currency issuer rating and US dollar senior unsecured bonds on Rating Watch Negative during the quarter

ESG highlights

• APSEZ was ranked among the Top 10 global transportation and transportation infrastructure companies in the 2024 S&P Global Corporate Sustainability Assessment (CSA - scores as of 31st December), with a score of 68 (out of 100)—three points improvement over last year. APSEZ is now placed in the 97th percentile within the sector, improving from the 96th percentile in 2023.
• APSEZ was ranked among the Top 12 companies in transportation infrastructure by ISS ESG and was awarded ‘Prime’ status for the first time (making APSEZ equity and bond instruments eligible for responsible investments)
• APSEZ is targeting Net Zero by 2040. The company is on track to add 1,000 MW of new renewable capacity
• Krishnapatnam port received the 18^th ICC Environment Excellence Award 2024 in the Platinum category demonstrating commitment to sustainability and responsible practices

Awards and accolades

• Mundra port received the ‘Shipping Terminal of the year Award’ at the 11th International Samudra Manthan Awards 2024
• Mundra port received ‘Port of the year – containerized cargo’ at the EXIM Star Awards 2024
• Mundra port was recognized at the Kutch Business Excellence Award 2.0 for excellence in infrastructure development and collaborative CSR projects
• Krishnapatnam port won the ‘Sustenance Organization Award’ at the QCFI Tirupati Chapter Meet. This award recognizes commitment to quality and continuous improvement
• Ocean Sparkle was awarded ‘The Maritime Standard Excellence Award’ at the Esteemed Star of the Industry Awards
• Ocean Sparkle was named as ‘Best Employer of Offshore Fleet’ at the Seajob Indian Anchor Awards 2024