APSEZ Kicks Off FY25 with a Strong 47% PAT Growth in Q1

Volume grew 8% Y-o-Y to 109 MT
Highest ever quarterly revenue at Rs. 7,560 Cr (21% YoY growth)
Highest ever EBITDA and PAT at Rs. 4,848 Cr (up 29% YoY) and Rs. 3,107 Cr (up 47% YoY) respectively
Net Debt to TTM EBITDA at 2.1x vs 2.3x in FY24
Ratings upgrade from two domestic rating agencies & outlook upgrade from international rating agency
Signed two new port concession agreements and won one new port O&M; contract
Arrival of first mothership at the Vizhinjam transshipment port, equipped with South Asia’s most advanced container handling technology

Ahmedabad, 1 August 2024 Adani Ports and Special Economic Zone Ltd (“APSEZ”) today announced its results for the quarter ending 30 June, 2024.

Particulars (Rs Cr)	Q1 FY25	Q1 FY24	Y-o-Y Change
Cargo (MMT)	109.0#	101.4	8%#
Revenue	7,560	6,248	21%
EBITDA (excl. forex)	4,848	3,754	29%
PAT	3,107	2,119	47%

# Proforma 114.7 MMT cargo, a 13% increase in volume assuming 5.7 MMT loss in Gangavaram port, now fully restored.

“FY25 has begun on a strong note for us with stellar performance on both financial and growth fronts. On the financial front, we posted all-time high earnings. But for the temporary disruption in Gangavaram Port, which is now fully restored, our Q1 cargo volume would have been at 114.7 MMT, a 13% increase.

On the growth front, we won two new port concessions and a port O&M; contract. We are proud that four of our ports featured in World Bank’s Container Port Performance Index 2023” said Mr. Ashwani Gupta, Whole-time Director & CEO, APSEZ.

Operational highlights

During the quarter, APSEZ clocked 109MMT of cargo volume (up 8% YoY). The growth was primarily driven by Containers (up 18% YoY) and Liquids & Gas (up 11% YoY). We had a temporary disruption leading to a loss of 5.7 MMT at the Gangavaram Port, which is now fully restored.
Mundra port handled the highest every quarterly volume by any Indian port (51 MMT).
Mundra, Kattupalli, Hazira, and Krishnapatnam featured in World Bank’s Container Port Performance Index 2023. The index benchmarks ports globally across multiple parameters including productivity, efficiency and reliability.
Highest ever quarterly rail cargo (0.16Mn TEUs, up 19% YoY) and GPWIS volume (5.56 MMT, up 28% YoY).
Container volume handled at MMLPs increased by 27% YoY to 103,784 TEUs.

Financial highlights:

Revenue grew by 21% YoY to Rs 7,560 Cr in Q1 FY25.
EBITDA (excluding forex) jumped 29% to Rs. 4,848 Cr. Domestic Ports contributed Rs. 3,990 Cr. to EBITDA and Logistics contribution was at Rs. 144 Cr.
Domestic ports EBITDA expanded by 32 bps to 72% due to better asset sweating.
Net debt to TTM EBITDA at quarter-end stood at 2.1x.
CARE and ICRA upgraded APSEZ’s credit rating to ‘AAA’. S&P; upgraded credit outlook to “Positive” from “Stable”, driven by improving scale and diversification.

Business highlights:

Signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port, Tanzania. CT2, with four berths, has an annual cargo handling capacity of 1 million TEUs and managed 0.82 million TEUs of containers in 2023.
Received a LOI for development, operation and maintenance of Berth No. 13 at Deendayal Port. The Company has been awarded this LOI for a 30-year concession period through a competitive bidding process.
Received LOI for five-year O&M; of container facility at Netaji Subhas Dock at Syama Prasad Mookerjee Port, Kolkata. Netaji Subhas Dock is the largest container terminal on the eastern coast of India and handled 0.63 million TEUs in FY2023-24. APSEZ’s presence at the port will drive synergies with upcoming transshipment hubs at Vizhinjam and Colombo.
First mothership arrived at the Vizhinjam Port, India’s first transshipment port equipped with South Asia’s most advanced container handling technology.
Rakes count increased to 131 (from 127 at FY24 end).
Warehousing capacity increased to 2.9 million sq. ft. with the addition of warehouse at Palwal (2.4 million sq. ft as of FY24 end).
Agrisilo capacity was at 1.2 MMT and is expected to increase to 4 MMT on completion of the projects underway.
Marine services business deployed a tug each in Mexico and Sri Lanka.

ESG highlights

Sustainalytics assigned a score of 11.3 to APSEZ, placing the company in “Low” risk category. APSEZ secured 95 percentile score and retained its position as the top-ranked company in the low carbon transition rating within the port sector.
APSEZ was felicitated by CDP for its efforts in tackling climate change and implementing a robust engagement program within its supply chain. The award was presented at the 'Climate Action in India: Role of Businesses & Supply Chain’ ceremony, co-hosted by the Federation of Indian Chambers of Commerce & Industry (FICCI). CDP has assigned APSEZ a leadership band “A-“ in climate change and supplier engagement.

Awards and Accolades