Adani Ports and Special Economic Zone Net Profit Jumps 50% In Q4FY24

Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday, May 2, announced its results for the quarter and twelve months ending 31 March, 2024, the company announced through an exchange filing.

Operational Highlights

– In FY24, APSEZ handled approx. 27 per cent of the country’s total cargo and approx. 44 per cent of container cargo.

– APSEZ domestic cargo volumes grew by 21 per cent Y-o-Y vs 7.5 per cent growth in India’s cargo volumes in FY24.

– Even after excluding the two newly added ports (Haifa – Jan’23 & Karaikal – Mar’23), APSEZ recorded a 18 per cent Y-o-Y growth in cargo volumes.

– With cargo volumes of 180 MMT (+16 per cent Y-o-Y) in FY24, our flagship port, Mundra, is well placed to cross 200 MMT mark in FY25.

– Mundra Port handled 7.4 Mn TEUs during the year, which is 15 per cent higher than its nearest competitor.

– Ten of our ports from the India portfolio recorded their lifetime high cargo volumes for the year.

– AICTPL (CT-3) terminal in Mundra delivered the highest ever annual container cargo volumes at any terminal in India.

– Mundra Port berthed one of the largest container ships ever – MV MSC Hamburg (399 m long x 54 m wide) – with capacity of 15,908 TEUs.

– Recorded its highest ever quarterly volumes at ~109 MMT in Q4 FY24.

– Highest-ever container rail (+19 per cent) and bulk (+40 per cent) volumes in FY24.

Financial Highlights

– Revenue growth of 28 per cent Y-o-Y to Rs 26,711 Cr in FY24, supported by 30 per cent jump in ports business revenue and 19 per cent in logistics business.

– EBITDA (excl. forex) jumps 24 per cent Y-o-Y to Rs 15,864 Cr, with Rs 15,246 Cr contributed by ports business and Rs 540 Cr by logistics business.

– Domestic port EBITDA margin expanded by ~150 bps with better sweating of assets (capacity utilization of 67 per cent in FY24 vs 56 per cent in FY23).

– Record PAT of Rs 8,104 Cr (+50 per cent Y-o-Y), despite a write off of Rs 455 Cr resulting from the switch to the new tax regime for one of its subsidiaries.

– Completed loan pre-payments/repayments of Rs 5,584 Cr, exceeding the initial guidance of Rs 5,000 Cr 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 Cr.

– 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 Cr for the company.

– CARE Ratings assigned ‘AAA’ (the highest possible credit rating in India) to APSEZ, making company the first private corporate infrastructure developer to be rated AAA.

– S&P and ICRA upgraded company outlook from ‘negative’ to ‘stable’ during the year.

“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 per cent, 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, said Ashwani Gupta, Whole-Time Director & CEO, APSEZ.

“We continue to invest heavily in the business to drive growth, particularly in the logistics segment. Our newly launched trucking segment enables APSEZ to provide the last-mile connectivity solution to its customers. Our efforts towards sustainable business growth are well recognized in the top decile ESG rating from four global rating agencies.” added Gupta.

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