Marine Port & Services company Adani Ports & Special Economic Zone announced FY24 results: Financial Highlights: Revenue growth of 28% YoY to Rs 26,711 crore in FY24, supported by 30% jump in ports business revenue and 19% in logistics business. EBITDA (excl. forex) jumps 24% YoY to Rs 15,864 crore, with Rs 15,246 crore contributed by ports business and Rs 540 crore by logistics business. Domestic port EBITDA margin expanded by ~150 bps with better sweating of assets (capacity utilization of 67% in FY24 vs 56% in FY23). Record PAT of Rs 8,104 crore (+50% YoY), despite a write off of Rs 455 crore resulting from the switch to the new tax regime for one of its subsidiaries. Completed loan pre-payments/repayments of Rs 5,584 crore, exceeding the initial guidance of Rs 5,000 crore provided at the start of the year. Net debt to EBITDA improves to 2.3x from 3.1x in FY23, despite a capex of Rs 7,416 crore. For FY24, the APSEZ Board has recommended a dividend of Rs 6 per share, in line with our capital allocation policy. This implies a payout of around Rs 1,300 crore for the company. Ashwani Gupta, Whole-Time Director & CEO, APSEZ, “FY24 has been a year of many new milestones for APSEZ on both operational and financial metrics. APSEZ outperformed its upper end of guidance provided at the beginning of the financial year on cargo, revenue, and EBITDA by 6%-8%, while closing the year with net debt to EBITDA ratio of 2.3x vs its guidance of 2.5x. Clearly, the company’s business model of end-to-end service, strategic partnership with key customers, leveraging the network effect through its string of ports, and focus on operational efficiencies is yielding results" Result PDF
Adani Ports & Special Economic Zone announced Q3FY24 results: Financial Highlights: Cargo volume growth (+44% YoY) drove a 45% YoY revenue increase to Rs 6,920 crore in Q3FY24. Domestic port EBITDA margin expanded by approximately 170 bps, resulting in a 59% YoY growth in EBITDA to Rs 4,293 crore. Robust cargo volume growth contributed to a record PAT of Rs 2,208 crore (+65% YoY) during the quarter. Bond buy-back of USD 325 million concluded during 9M FY24, leading to an improvement in Net Debt to EBITDA (for TTM Dec’23) to 2.5x vs 3.1x for FY23. Operational Highlights: APSEZ achieved a milestone with its highest-ever quarterly cargo volume of 108.6 MMT. Mundra, the flagship port, set a record for the highest monthly volume at any Indian port in Oct’23, while AICTPL (CT-3) recorded India’s highest monthly container volume in Nov’23. APSEZ reached 300 MMT in 266 days, outpacing the FY23 timeline of 329 days, with the overall cargo volume reaching ~311 MMT in 9M (+23% YoY). Domestic cargo growth surpassed India’s growth rate, with nine domestic ports/terminals achieving their highest-ever cargo volumes in 9M. Quarterly rail volumes grew 17% YoY to 157,904 TEUs, and GPWIS volumes surged 53% YoY to 5.29 MMT. APSEZ achieved its highest-ever rail (+22%) and GPWIS (+46%) volumes in 9M. Business Highlights: Formed a strategic partnership with MSC by establishing a JV for Ennore Container Terminal. Completed the acquisition of Karaikal Port and the sale of Myanmar assets. Adani Logistics Limited (ALL) added 23 rakes, Loni & Valvada ICD, and warehouses at NRC and Indore. Colombo terminal received a financing commitment of USD 553 million from DFC. “In the year when our first port, Mundra, completed 25 years of operation, APSEZ recorded its strongest ever Q3 and 9M performance with the highest ever revenue, EBITDA, and cargo volumes, and is on course to overachieve its full-year guidance provided at the start of the year. This is a testament to our continuous efforts to drive operating efficiencies and remain an industry-leading port operator,” said Ashwani Gupta, CEO, APSEZ. Result PDF