Highlights: Port Business: Adani Ports handled 144 MMT of cargo in H1 / FY22 compared to 98 MMT in H1 / FY21, registering a growth of 47% compared to 16% growth registered at all India levels. The Ports’ portfolio, excluding Mundra, grew by 91%. Whilst Mundra continues to grow (registered a double-digit growth), other ports in the portfolio (especially on the East Coast) are growing faster, thereby moving towards a balanced portfolio. Ports on the east coast grew by 134% and those on the west coast grew by 26%. Apart from Mundra; Dhamra, Hazira & Dahej ports also registered doubledigit growth. The growth in cargo volume was led by dry cargo which grew by 59%, container by 42% & liquids (including crude) by 27%. In the container segment, APSEZ handled 4.11 Mn TEUs out of 9.67 Mn TEUs handled at all India levels. APSEZ registered a y-o-y growth of 42% as against 30% at all India levels, thereby increasing market share to 42.5% (gain of 144 bps). Mundra continues to be the largest container handling port with 3.2 Mn TEUs. Logistics Business: Adani Logistics, the largest and most diversified private rail operator in India, registered a 23% growth in rail volume to 179,377 TEUs and a 17% growth in terminal volume to 134,136 TEUs. Adani Logistics has expanded its rolling stock and added 8 new bulk rakes under the GPWIS scheme, taking the total number of rakes to 69. Financial Highlights: Revenue: Consolidated revenue grew by 56%, from Rs.5,195 Cr in H1 / FY21 to Rs.8,089 Cr. Port revenue increased by 46% to Rs.6,347 Cr. Revenue from the logistics business stood at Rs.546 Cr, a growth of 27%. EBITDA: Consolidated EBITDA grew by 47% from Rs.3,288 Cr in H1 FY21 to Rs.4,826 Cr on the back of 56% growth in revenue. Port EBITDA grew by 47% from Rs.3,043 Cr in H1 FY21 to Rs.4,458 Cr in H1 FY22, due to both increase in cargo volume and continuous operational excellence. EBITDA in logistics business grew by 41% to Rs.135 Cr. EBIDTA margin also improved by 258 bps to 25%. Cash Flow: Free cash flow from operations (after adjusting for working capital changes, Capex, and net interest cost) was Rs. 2,550 Cr. This does not include cash flow from Gangavaram port and the Sarguja Rail Corridor (SRCPL). If included (on a pro forma basis), the cash flow stands at Rs.3,032 Cr. We are on track to achieve the guided free cash flow for FY22. During Q2 FY22, pursuant to a notification issued by DGFT in September ’21, which amends eligibility conditions, the company has provided for its receivable under SEIS amounting to Rs.405 Cr and shown as exceptional item. However, the company has contested the said application for its tenability and retrospective application. Result PDF