Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS

Adani Ports & Special Economic Zone — FY2021 Earnings Presentation

60 slides from Adani Ports & Special Economic Zone's earnings presentation

  1. Slide 1: Operational & Financial Highlights

    Operational & Financial Highlights Adani Ports and SEZ Ltd., Q4 and Full year FY21.

  2. Slide 2: Contents

    Contents A Group Profile B Company Profile C Strategic and Operational Highlights FY21 D Financial Performance FY21 E ESG F Outlook FY22 G Annexures 2

  3. Slide 3: Group Profile

    adani Ports and Logistics Group Profile

  4. Slide 4: Adani Group: A world class infrastructure & utility portfolio

    Adani Group: A world class infrastructure & utility portfolio Adani Transport & Logistics Energy & Utility • Marked shift from B2B to Portfolio Portfolio B2C businesses– • ATGL – Gas distribution 63.7% 100% 75% 56% network to serve key SRCPL ATL AGEL geographies across India APSEZ Port & Logistics R

  5. Slide 5: Adani Group: Decades long track record of industry best growth rates

    Adani Group: Decades long track record of industry best growth rates across sectors Port Cargo Throughput (MT) Renewable Capacity (GW) Transmission Network (ckm) CGD7 (GAs8 covered) 161% 45% 12% 21% 2.5x 6x 3x 30% 1.5x 5% 7% 25% Industry Adani APSEZ Industry AGEL Adani Industry ATL Industry AGL 2014

  6. Slide 6: Adani Group: Repeatable, robust & proven transformative model of investment

    Adani Group: Repeatable, robust & proven transformative model of investment Phase Development Operations Post Operations Origination Site Development Construction Operation Capital Mgmt Activity • Site acquisition • Engineering & design • Redesigning the • Analysis & market • Life cycle O&M capital

  7. Slide 7: APSEZ: Transformational journey

    APSEZ : Transformational journey Industry Business • 2.5x growth compared to market achieved without • From a single port single commodity to an integrated dilution in equity. logistics platform. • Driving efficiency through mechanization at large scale. • Strategic partnerships to unlock value. • G

  8. Slide 8: Company Profile

    adani Ports and Logistics Company Profile

  9. Slide 9: APSEZ: Largest private transport utility

    APSEZ : Largest private transport utility APSEZ – Dhamra Port Ports Ports One Oneto totwelve ten in in Import - Export - Steel twenty twentyyears years Coking coal (HRC/CRC) 2x Port income String of Ports Ports of Prosperity Port gate to 2x Warehousing Warehousing SEZ customer gate Warehousing SEZ i

  10. Slide 10: APSEZ: Largest network of ports

    APSEZ : Largest network of ports West Coast East Coast Capacity 335 MMT Capacity 163* MMT FY06 FY21 1 Ports 12* Dahej Moga Kanech 14 498 Kilaraipur MMT Tuna Kotkapura Patli Dhamora 10 Capacity 14 Kannauj MMT MMT MMT Samastipur and Darbhanga Kishangarh Mundra Vidisha Katihar 264 MMT Harda Hoshangabad

  11. Slide 11: Highlights for FY21

    Highlights for FY21

  12. Slide 12: Strategic highlights – FY21

    APSEZ : Strategic highlights – FY21 (YoY) • Overhauled cost structure towards variable cost and focus on capacity utilization to demonstrate increase in port EBIDTA margin by 1%, from 69% to 70%. • Focused capital allocation resulted in curtailing discretionary Capex, rigorous financial management i

  13. Slide 13: Operational highlights – FY21

    APSEZ : Operational highlights – FY21 (YoY) Cargo volume of 247 MMT 11% • Cargo volume increased by 11% due to growth in all types of cargo. Container grew by 16%, dry bulk by 9%, Market share in cargo volume at 25% 4% and liquid cargo (including crude) by 2%. • Cargo mix continues to be balanced -

  14. Slide 14: Cargo Volume FY21 - APSEZ vs. All India

    APSEZ : Cargo Volume FY21 - APSEZ vs. All India (YoY in MMT) APSEZ All India Cargo Total Cargo 1024  11% 247  5% 971 223 • APSEZ outperforms all India ports and gains market share by 4%. Container 91 106 • Cargo volume is higher compared to  16% 256  0.2% 257 all India due to higher growth in co

  15. Slide 15: Sequential cargo volume growth beats industry

    APSEZ : Sequential cargo volume growth beats industry APSEZ Total Throughput All India Total Throughput 247 1024 979 971 223 934 208 894 180 169 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 APSEZ Cargo All India Cargo APSEZ CAGR 10% All India CAGR 3% >3x growth Achieved a CAGR of 10% due to div

  16. Slide 16: Sequential container volume growth beats industry

    APSEZ : Sequential container volume growth beats industry APSEZ Container Throughput All India Container Throughput 106 256 257 248 91 84 224 75 62 199 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 APSEZ Container All India Container APSEZ CAGR 17% All India CAGR 7% 2.4x growth 17% Growth on acc

  17. Slide 17: Balanced cargo composition - FY21

    APSEZ : Balanced cargo composition - FY21 51% 48% 45% 44% 45% 44% 43% 41% 41% 41% 37% 32% 17% 15% 15% 14% 14% 13% FY16 FY17 FY18 FY19 FY20 FY21 Dry Liquid (incl. Crude) Container Strategy to handle all types of cargo contributing to increase in market share 17

  18. Slide 18: Balanced cargo growth across ports – FY21

    APSEZ : Balanced cargo growth across ports – FY21 (in MMT) Incremental Cargo – Port wise 20 3 1 • Mundra and Dhamra port grew by 4% and 5 1 0.3 2 9% respectively on account of higher 247 247 container volume at Mundra (up 18%) and 246 dry bulk (up 7%) at Dhamra port. 223 • All major commodity segmen

  19. Slide 19: Sticky cargo – Ensures resilience – FY21

    APSEZ : Sticky cargo – Ensures resilience – FY21 (in MMT) Sticky Cargo Increases by 30 MMT, growth of 28% 300 66% 64% 247 64% 250 223 62%  Constitutes ~56% of total cargo with 62% 208 200 a higher base in FY21, 180 60% 169  Sticky cargo grew at a CAGR of 6% 59% 150 58% 58% 131 138  81% of sticky

  20. Slide 20: Financial Performance FY21

    adani Ports and Logistics Financial Performance FY21

  21. Slide 21: Financials highlights – FY21

    APSEZ : Financials highlights – FY21 (YoY) Operating revenue at Rs.12,550 cr. 6% EBITDA* at Rs.8,063 cr. 7% • Port revenue and EBITDA grew on the back of 11% growth in cargo volume Port revenue at Rs.10,739 cr. 12% • Revamping of cost structure & operational efficiency Port EBITDA* at Rs.7,560 cr. 1

  22. Slide 22: Consolidated financial performance – FY21

    APSEZ : Consolidated financial performance – FY21 (YoY - Rs. in cr.) Operating Revenue Rs.677 cr. (6%) 1125 6 515 40 33 12550 11873 • Consolidated revenue increased due to 12% increase in Port revenue. • Port revenue growth of Rs.1,125 cr. was on account of 11% growth in cargo. FY20 Ports Logistics

  23. Slide 23: Segment wise Operating Revenue & EBITDA – FY21

    APSEZ : Segment wise Operating Revenue & EBITDA* - FY21 (YoY - Rs. in cr.) Ports Logistics 12,000 10,739 75% 1,200 30% 9,613 70% 964 958 10,000 70% 1,000 24% 25% 24% 69% 7,560 8,000 6,593 65% 800 20% • Port revenue growth led by 11% 6,000 600 15% growth in cargo volume. 60% 4,000 400 10% 234 226 • P

  24. Slide 24: Debt profile – FY21

    APSEZ : Debt profile – FY21 (YoY - Rs. in cr.) Gross Debt, Net Debt & Average Maturity Gross Debt Movement 40,000 6.2 34,401 6 5,447 35,000 776 267 34,401 6 29,463 28,472 30,000 5.8 29,463 25,000 22,137 5.6 20,000 5.4 15,000 5 5.2 10,000 5,000 5 0 4.8 Mar'2020 Mar'2021 FY20 Additional FX debt Forex

  25. Slide 25: Strong operational performance improves FCF in FY21

    APSEZ : Strong operational performance improves FCF* in FY21 (YoY - Rs. in cr.) Cash Flow Conversion Free Cash Flow Movement 7000 9000 80% 1668 36 72% 6000 8000 70% 8063 5000 760 606 7000 7565 52% 60% 6000 50%4000 5000 5800 40%3000 4000 5800 3942 30% 3000 2000 3942 2000 20% 1000 10%1000 0 0% 0 FY20

  26. Slide 26: Key ratios of FY21

    APSEZ : Key ratios of FY21 Rating Ratios ROCE^ and ROE 30% 27.6% 5.1x 5.2x 25.4% 5.1x 17% 25% 22.7% 22.3% 5.1x 15% 20% 5.0x 13% 12% 5.0x 15% 4.9x 4.8x 4.9x 10% 4.8x 5% 4.8x 4.7x 0% 4.7x FY 20 FY21 FFO / Gross Debt (18% - 25%) FFO / Net Debt (13% to 15%) FY 20 ROCE ROE FY21 FFO Interest coverage (3x

  27. Slide 27: Environment Social & Governance and CSR

    Environment Social & Governance and CSR Focus Areas • Committed to reduce carbon emission and become carbon neutral by 2025. • Efficient use of water and energy from cleaner sources • Reduction of emission levels • Zero tolerance for fatalities at ports

  28. Slide 28: Myanmar Project

    APSEZ : Myanmar Project Current Project Status: • APSEZ, in May 2019 announced its intent to set up a container terminal at Yangon, Myanmar and entered through a lease agreement with the democratically elected government. • Total investment as of date - USD 127 mn (including USD 90 mn for the upfron

  29. Slide 29: ESG philosophy

    APSEZ : ESG philosophy  Adherence to global environment guidelines like – CDP – Climate Change and Water Security, SBTi; Supporter of TCFD, Member of UNGC and IUCN, Signatory to IBBI  All ports and ICDs are certified with Integrated Management System (ISO 9001, 14001 & 45001), 5 ports with Energy

  30. Slide 30: ESG update FY21

    APSEZ : ESG update FY21 FY21 Performance Initiatives till date Energy Intensity* Emission Intensity* Wind Energy # Solar Energy# 5%↑ 3%↑ 6 MW 14 MW 160 GJ/Revenue 21 tCO2e/Revenue Waste Management* Terrestrial Plantation Mangrove Water Intensity* 2889 Ha - Afforestation 0.6 % ↑ 96% 1.2 Million 2340

  31. Slide 31: ESG performance FY21

    APSEZ : ESG performance FY21 Energy Intensity Emission Intensity 2102000 162 284000 282461 21 2100722 160 160 21 2100000 282000 21 158 280000 2098000 156 21 • Energy consumption reduced marginally 278000 2096000 153 2095094 154 21 275723 21 during the period on account of cargo mix 152 276000 209400

  32. Slide 32: ESG performance FY21

    APSEZ : ESG performance FY21 Renewable Energy Share 5% 3% • RE share has increased by 200 bps to 5% of total energy consumed due to installation of additional RE capacity at Mundra. FY20 FY21 • Ensured adherence to SOPs and safety protocols laid down to minimize and eliminate LTIs and Safety injurie

  33. Slide 33: CSR activities enabling social transformation

    APSEZ : CSR activities enabling social transformation Adani Foundation’s presence across India Social Initiatives through Adani Foundation1 : Core Areas Education Community Health Sustainable Livelihood Community Infrastructure Inclusive Growth, Safety & Other Initiatives at APSEZ • Hiring a diversi

  34. Slide 34: Outlook FY22

    APSEZ : Outlook FY22  In the range of 310 MMT - 320 MMT (includes 10 MMT of Gangavaram port from Q4 FY22) a growth of 29%  Consolidated revenue expected to be around Rs.16,000 cr. – Rs.16,800 cr., a growth 34%  Port revenue to be around Rs.13,000 cr. – Rs.14,000 cr., a growth of 30%  Logistics r

  35. Slide 35: Annexures

    Annexures • Operational and Financial highlights Q4 FY21 • Port wise cargo and financial details Q4 FY21 • ESG philosophy • Results - SEBI Format • Annexed File – Cargo and Financial Details

  36. Slide 36: Cargo volume comparison – Q4 FY21

    APSEZ : Cargo volume comparison – Q4 FY21 (MMT) APSEZ All India Cargo 6x growth 73  27% 260  2% 264 58 • APSEZ registered a growth of 27% (9% excluding KPCL) compared to all 33 2.5x growth India cargo growth of 2%. 24 • APSEZ’s cargo volume growth was on  41%  21% 77 account of : 64 • Higher gro

  37. Slide 37: Financials highlights – Q4 FY21

    APSEZ : Financials highlights – Q4 FY21 Operating revenue at Rs.3,608 cr. 24% EBITDA* at Rs.2,287 cr. 39% • On the back of 27% growth of cargo volume, Port revenue grew by 30% and port EBITDA by 42%. Port revenue at Rs.3,123 cr. 30% • Better product mix and operational efficiencies Port EBITDA* at R

  38. Slide 38: Segment wise Revenue & EBITDA – Q4 FY21

    APSEZ : Segment wise Revenue & EBITDA* - Q4 FY21 (YoY - Rs. in cr.) Ports Logistics 3,500 3,123 75% 350 30% 286 3,000 69% 300 268 25% 2,402 70% 24% 2,500 2,166 250 64% 20% 2,000 65% 200 17% 1,530 15% 1,500 60% 150 • Port revenue growth of 30% was 10% 1,000 100 64 on account of 27% growth in 55% 49 5

  39. Slide 39: Port wise cargo and financial details FY21 & Q4 FY21

    Port wise cargo and financial details FY21 & Q4 FY21

  40. Slide 40: Mundra port cargo volume – FY21

    ASPEZ : Mundra port cargo volume – FY21 (YoY - Rs. in cr.) Total Volume (MMT) Revenue & EBITDA* FY20 FY21  6%  4% 4643 4,377 EBITDA  3% margin 67% 24.8 23.8 38.0 up 200 bps 44.1 3016 2,931 139.19 144.38 70.3 82.6 Revenue EBITDA Dry Container Liquid Dry Container Liquid FY20 FY21 Container Volume

  41. Slide 41: Mundra port cargo volume – Q4 FY21

    ASPEZ : Mundra port cargo volume – Q4 FY21 (YoY - Rs. in cr.) Total Volume (MMT) Revenue & EBITDA* Q4 FY20 Q4 FY21  1%  14% 1185 1192  18% EBITDA 7.0 5.6 10.0 8.7 margin 69% 823 700 35.25 40.19 18.3 25.8 Revenue EBITDA Dry Container Liquid Dry Container Liquid Q4 FY20 Q4 FY21 Container Volume Bre

  42. Slide 42: Dhamra port - volume and financials FY21

    APSEZ : Dhamra port - volume and financials FY21 (YoY - Rs. in cr.) Volume (MMT) Revenue & EBITDA* FY20 FY21  4%  9% 1,489 EBITDA 1431 2.7 margin 63% 3.4  5% up 65 bps 898 945 29.71 32.38 27.0 28.9 Revenue EBITDA Dry Liquid Dry Liquid FY20 FY21 • Growth in volume was on account of 7% growth in dr

  43. Slide 43: Dhamra port - volume and financials Q4 FY21

    APSEZ : Dhamra port - volume and financials Q4 FY21 (YoY - Rs. in cr.) Volume (MMT) Revenue & EBITDA* Q4 FY20 Q4 FY21  5%  5% EBITDA 396 375 margin 62% 1.2 0.9  6% up 28 bps 232 245 8.26 8.63 7.0 7.7 Revenue EBITDA Dry Liquid Dry Liquid Q4 FY20 Q4 FY21 • Revenue and EBITDA growth in line with car

  44. Slide 44: Hazira port - volume and financials FY21

    APSEZ : Hazira port - volume and financials FY21 (YoY - Rs. in cr.) Volume (MMT) Revenue & EBITDA* FY20  1% EBITDA  1% FY21 1274 1,287 margin 75%  2% up 65 bps 3.5 3.5 954 972 8.8 9.2 21.63 21.95 8.9 9.6 Dry Container Liquid Revenue EBITDA Dry Container Liquid FY20 FY21 • Growth in Container of 8

  45. Slide 45: Hazira port - volume and financials Q4 FY21

    APSEZ : Hazira port - volume and financials Q4 FY21 (YoY - Rs. in cr.) Volume (MMT) Revenue & EBITDA* Q4 FY20  12% Q4 FY21  16% EBITDA 349 margin 75.5% 301  20% up 275 bps 0.9 1.0 263 2.3 219 2.3 5.50 6.16 2.3 2.8 Dry Container Liquid Revenue EBITDA Dry Container Liquid Q4 FY20 Q4 FY21 • Growth i

  46. Slide 46: Kattupalli port - volume and financials FY21

    APSEZ : Kattupalli port - volume and financials FY21 (YoY - Rs. in cr.) Volume (MMT) Revenue & EBITDA* FY20  19% FY21  13% EBITDA 0.2 0.6 265 0.3 0.6 margin 59% 231 down 170 bps  16% 160 10.86 8.78 135 10.1 7.9 Dry Containers (MMT)* Liquid Revenue EBITDA Dry Containers (MMT)* Liquid FY20 FY21 • C

  47. Slide 47: Kattupalli port - volume and financials Q4 FY21

    APSEZ : Kattupalli port - volume and financials Q4 FY21 (YoY - Rs. in cr.) Volume (MMT) Revenue & EBITDA* Q4 FY20  10% Q4 FY21  16% EBITDA 0.1 0.2 70 margin 53% 0.1 0.2 59 down 900 bps  28% 44 2.85 2.55 31 2.6 2.3 Dry Containers (MMT)* Liquid Revenue EBITDA Dry Containers (MMT)* Liquid Q4 FY20 Q4

  48. Slide 48: Dahej port - volume and financials FY21

    APSEZ : Dahej port - volume and financials FY21 (YoY - Rs. in cr.) Volume (MMT) Revenue & EBITDA* FY20  8% FY21  11% EBITDA 329 margin 61% 292 up 200 bps  8% 194 178 6.37 5.86 6.4 5.9 Revenue EBITDA Dry Dry FY20 FY21 • Decline in revenue is in line with decline in cargo. • EBITDA has not declined

  49. Slide 49: Dahej port - volume and financials Q4 FY21

    APSEZ : Dahej port - volume and financials Q4 FY21 (YoY - Rs. in cr.) Volume (MMT) Revenue & EBITDA* Q4 FY20  17% Q4 FY21  10% EBITDA 81 margin 63% 73 up 630 bps 46 46 1.56 1.29 1.6 1.3 Revenue EBITDA Dry Dry Q4 FY20 Q4 FY21 • Cargo volume declined due to lower handling of coal. • Decline in reven

  50. Slide 50: Terminals at major ports - volume and financials FY21

    APSEZ : Terminals at major ports - volume and financials FY21 (YoY - Rs. in cr.) Volume (MMT) Revenue & EBITDA* FY20  7% FY21  3% 372 EBITDA margin 361 1.9 19% up by 2.9 350 bps 15.23 14.11  19% 57 68 11.2 13.3 Revenue EBITDA Dry Containers (MMT)* Dry Containers (MMT)* FY20 FY21 • Decline in reve

  51. Slide 51: Terminals at major ports - volume and financials Q4 FY21

    APSEZ : Terminals at major ports - volume and financials Q4 FY21 (YoY - Rs. in cr.) Volume (MMT) Revenue & EBITDA* Q4 FY20  3% Q4 FY21  2% EBITDA margin 4% 96 98 0.5 down by 7% 1.1 4.39 4.28  62% 3.1 3.9 11 4 Revenue EBITDA Dry Containers (MMT)* Dry Containers (MMT)* Q4 FY20 Q4 FY21 • Handled hig

  52. Slide 52: Krishnapatnam port - volume and financials FY21

    APSEZ : Krishnapatnam port - volume and financials FY21# ( Rs. in cr.) Volume (MMT) Revenue & EBITDA* EBITDA margin FY21 (incl. marine 0.8 978 services) 71% 2.7 691 19.80 16.3 Revenue EBITDA Dry Container (MMT)* Liquid • APSEZ demonstrated success of its operating process, enabling KPCL to benchmark

  53. Slide 53: Krishnapatnam port - volume and financials Q4 FY21

    APSEZ : Krishnapatnam port - volume and financials Q4 FY21 ( Rs. in cr.) Volume (MMT) Revenue & EBITDA* EBITDA margin Q4 FY21 (incl. marine 505 services) 70% 0.3 1.3 355 6.36 10.05 8.30 8.5 Revenue EBITDA Dry Container (MMT)* Liquid • Krishnapatnam is now fully integrated into APSEZ’s portfolio both

  54. Slide 54: Adani Logistics and Harbour services - financials FY21

    APSEZ : Adani Logistics and Harbour services - financials FY21 (YoY - Rs. in cr.) Logistics Harbour Services  1% EBITDA  2% EBITDA 964 958 margin 24% margin 90% 1442 down 66 bps 1,408 up 90 bps  1%  3% 1284 1,266 234 226 Revenue EBITDA Revenue EBITDA FY20 FY21 FY20 FY21 • Decrease in logistics r

  55. Slide 55: Adani Logistics and Harbour services - financials Q4 FY21

    APSEZ : Adani Logistics and Harbour services - financials Q4 FY21 (YoY - Rs. in cr.) Logistics Harbour Services  7%  1% EBITDA EBITDA 286 370 268 margin 24% 365 margin 87% up 660 bps up 50 bps  1%  29% 321 319 64 49 Revenue EBITDA Revenue EBITDA Q4 FY20 Q4 FY21 Q4 FY20 Q4 FY21 • Decrease in logi

  56. Slide 56: Total cargo handled by Major Ports

    APSEZ : Total cargo handled by Major Ports cargo Ports FY20-21 FY19-20 Inc/(Dec) % Deendayal (Kandla) 117.56 122.61 -4% Paradip 114.55 112.69 2% Visakhapatnam 69.84 72.72 -4% JNPT 64.81 68.45 -5% Mumbai 53.32 60.70 -12% Haldia Dock Complex 45.47 46.68 -3% Chennai 43.55 46.76 -7% New Mangalore 36.50

  57. Slide 57: Total container cargo handled by Major Ports

    APSEZ : Total container cargo handled by Major Ports cargo Ports Container Cargo (000' TEUs) FY20-21 FY19-20 Inc/(Dec) % J.N.P.T. 4,677 5,031 -7% Chennai 1,387 1,384 0% V.O.Chidambaranar 762 804 -5% Cochin 690 620 11% Kolkata 540 675 -20% Deendayal (Kandla) 510 443 15% Visakhapatnam 481 504 -5% Kama

  58. Slide 58: Consolidated financial performance – SEBI format

    APSEZ : Consolidated financial performance – SEBI format (` in crore) Quarter Ended Year Ended Sr. March 31, December 31, March 31, March 31, March 31, No Particulars 2021 2020 2020 2021 2020 . Unaudited Unaudited Unaudited Audited Audited (Refer Note 26) (Refer Note 26) 1 Income a. Revenue from Ope

  59. Slide 59: Details Annexed in Linked File

    APSEZ – Details Annexed in Linked File 1. Port-wise Cargo Volume Q4 and Full year FY21 2. Ports and Logistics Vertical Key Financial Performance Q4 FY21 and Full year FY21 Please double click on the icon to open -

  60. Slide 60: Investor Relations Team

    Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Adani Ports and Special Economic Zone Limited (“APSEZL”),the future outlook and growth prospect

Adani Ports and Special Economic Zone — FY2021 Earnings Presentation on 6ix