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

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

# 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

APSEZ clinched the prestigious title of “Best  Port of the Year Containerised in a Private  Sector” at the India Maritime Awards (8th Edition).  APSEZ was awarded the prestigious title of  “Master of Risk Logistics” at the 10th edition  of the India Risk Management Awards.