APSEZ kicks Off FY25 With A strong 47% PAT Growth In Q1

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

“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 the World Bank’s Container Port Performance Index 2023,” said Mr. Ashwani Gupta, Whole-time Director & CEO, APSEZ.

Operational Highlights

• During the quarter, APSEZ clocked 109 MMT 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 ever quarterly volume by any Indian port (51 MMT).
• Mundra, Kattupalli, Hazira, and Krishnapatnam featured in the 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 (0.16 Mn 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 a 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

About Adani Ports & Special Economic Zone Ltd

Adani Ports and Special Economic Zone Ltd (APSEZ), a part of the globally diversified Adani Group, has evolved from a port company to an Integrated Transport Utility providing an end-to-end solution from its port gate to customer gate. It is the largest port developer and operator in India with 7 strategically located ports and terminals on the west coast (Mundra, Tuna, Dahej, and Hazira in Gujarat, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and 8 ports and terminals on the East coast of India (Haldia in West Bengal, Dhamra and Gopalpur in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry), representing 27% of the country’s total port volumes, thus providing capabilities to handle vast amounts of cargo from both coastal areas and the hinterland.

The company is also developing a transshipment port at Colombo, Sri Lanka, and operates the Haifa Port in Israel. Our Ports to Logistics Platform comprising port facilities, integrated logistics capabilities including multimodal logistics parks, Grade A warehouses, and industrial economic zones, puts us in an advantageous position as India stands to benefit from an impending overhaul in global supply chains. Our vision is to be the largest ports and logistics platform in the world in the next decade. With a vision to turn carbon neutral by 2025, APSEZ was the first Indian port and 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.

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