Earnings Momentum Continues for APSEZ, H1 FY25 PAT Up 42% YoY to Rs. 5,520 Cr

Reiterates cargo guidance, well positioned to hit the upper end of EBITDA guidance EBITDA guidance

Highlights

Cargo volume grew 9% YoY to 220 MMT
EBITDA and PAT grew 21% and 42% YoY respectively
Completed the acquisition of Gopalpur Port and Astro Offshore, signed 2 new port concession agreements
Well-positioned to hit the upper end of FY25 EBITDA guidance (Rs. 17,000-18,000 Cr)
Reiterates FY25 cargo volume guidance of 460 MMT- 480 MMT
“AAA” rating from 4 domestic rating agencies – CRISIL, ICRA, CARE, India Ratings

Ahmedabad, 29 October 2024: Adani Ports and Special Economic Zone Limited today announced its results for the quarter and half year ending 30th September 2024.

Particulars (Rs Cr)	Q2 FY25	Q2 FY24	YoY	H1 FY25	H1 FY24	YoY
Cargo (MMT)	111	101	10%	220	203	9%
Revenue	7,067	6,646	6%	14,627	12,894	13%
EBITDA¹	4,369	3,880	13%	9,217	7,634	21%
PAT²	2,413	1,762	37%	5,520	3,881	42%

EBITDA excludes impact of forex on relevant balance sheet items as 30th Sep’24 and 30th Sep ’23
During H1 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 by Rs. 455 Cr.

“We are pleased to witness continued growth across our operations, with our existing ports delivering strong volume ramp-ups and new capacity additions progressing as planned in Gopalpur, Vizhinjam and Colombo,” said Mr Ashwani Gupta, Whole-time Director & CEO, Adani Ports and Special Economic Zone Limited (APSEZ).

“During the quarter, we also diversified our marine fleet, adding 26 offshore support vessels. Our logistics business too achieved robust growth, enhancing last-mile connectivity through expansions in rakes, warehousing, MMLPs and agri-silos. Mundra Port’s remarkable milestone of crossing 100 MMT in 181 days and our cargo volume trajectory reaffirm our confidence in delivering our FY25 cargo guidance and hitting the upper end of our EBITDA guidance for the year. These results underscore APSEZ’s commitment to sustainable growth and operational excellence.”

Operational highlights

APSEZ clocked 220 MMT of cargo volume (up 9% YoY) in H1 FY25. The growth was primarily driven by Containers (up 19% YoY)
Mundra Port achieved a significant milestone by crossing 100 MMT mark in 181 days (101.1 MMT in H1)
Vizhinjam port docked the largest cargo ship ever to arrive in South Asia (MSC Claude Girardet)
Handled 0.31 Mn TEUs rail volume (up 11% YoY) and 10.7 MMT GPWIS volume (up 20% YoY)
Container volume handled at MMLPs increased by 21% YoY to 215,958 TEUs

Financial highlights

Operating revenue grew by 13% YoY to Rs. 14,627 Cr. Ports revenue increased by 11% YoY to Rs 12,824 Cr, Logistics revenue increased by 17% YoY to Rs 1,159 Cr
EBITDA (excluding forex) increased 21% YoY to Rs. 9,217 Cr.
Net debt to TTM EBITDA at 2x (vs 2.3x in FY24)
CRISIL assigned “AAA” rating to APSEZ. India Ratings upgraded APSEZ’s long-term issuer rating to “AAA”.
APSEZ’s long term debt is now ranked “AAA” by 4 domestic rating agencies, including ICRA and CARE

Business highlights

Completed the acquisition of Gopalpur Port
Completed acquisition of 80% stake in global offshore support vessel operator Astro Offshore, adding a fleet of 26 offshore support vessels
Vizhinjam Port is expected to start commercial operations by Dec’24
Signed a 30-year concession agreement to operate and manage Container Terminal 2 at the Dar es Salaam Port, Tanzania
Signed a 30-year concession agreement with Deendayal Port Authority for developing Berth No. 13
Signed 5-year O&M of container facility at Netaji Subhas Dock at Syama Prasad Mookerjee Port, Kolkata
Gangavaram port launched container terminal with the inaugural EXIM vessel call of MV Synergy Keelung
Rakes count increased to 132 (from 127 at FY24 end).
Warehousing capacity increased to 3.1 million sq. ft. with the addition of warehouses at Palwal and Tumb (2.4 million sq. ft as of FY24 end)
Agri silo capacity stood at 1.2 MMT and is expected to increase to 1.3 MMT by FY25- end with the commissioning of two new silos. Construction activity is underway to increase the capacity to 4 MMT
Established a state-of-the-art Logistics ‘Strategic Command Centre’ in Ahmedabad. This centre acts as a primary information hub for all logistics operations and leverages advanced data analytics to improve turnaround time, increase asset utilization, monitor SLA adherence and maintain safety standards, thus enhancing customer experience

ESG highlights

APSEZ scored 68 (out of 100) and was ranked in the 97th percentile within the Transportation & Transportation Infrastructure industry in the 2024 S&P Global Corporate Sustainability Assessment (scores as of 17th October). APSEZ secured full scores in Transparency & Reporting, Materiality, Supply Chain Management, Information Security & System availability, Environmental Policy & Management, and Energy & Customer Relations
The Adani Mundra Cluster (comprising of APSEZ, Adani New Industries Ltd. and Ambuja Cements Ltd.) joined the World Economic Forum’s ‘Transitioning Industrial Clusters’ initiative. This initiative aims to enhance collaboration and align the vision of collocated companies to drive economic growth, generate employment and advance decarbonization by 2050
APSEZ was ranked amongst India’s Most Sustainable Companies for 2024 by BW Businessworld
Mundra won the 2024 Blue Planet Award for outstanding sustainability in port operations. Dhamra port received the Golden Peacock Occupational Health & Safety Award. Four of our ports—Krishnapatnam, Gangavaram, Goa and Dhamra received the Pollution Control and Waste Management Reduction Excellence Award by the Greentech Foundation.

Awards and accolades

APSEZ received the “Excellence in Ports Infrastructure” award at ABP Live India Infrastructure Conclave 2024
Mundra Port received the “Non-Major Port of the Year” award for both Containerized Cargo and Non-Containerized Cargo at the 14th All India Maritime and Logistics Awards